GLOBAL - Baring Asset Management has been split and sold to two US companies for an estimated £300m.
The UK firm’s Dutch parent, banking and insurance group ING, sold BAM’s investment management arm – which has £17.2bn in assets under management and 100 staff worldwide – to MassMutual Financial Group for an undisclosed sum.
And BAM’s Financial Services Group, which offers fund administration, custody and trust services, has been sold to global custodian Northern Trust for £260m.
FSG, which has offices in London, Dublin, Guernsey, Jersey and the Isle of Man, has around £34bn worth of funds under administration, £15bn in custody and £17bn in trust assets.
ING said the sales were part of an ongoing strategy to manage its portfolio and focus on core businesses.
All BAM staff will transfer to the buyers, with 600 going to MassMutual and 770 to Northern Trust. Chairman and chief executive David Brennan will retain his position under the investment management arm.
Northern Trust, which intends to integrate FSG fully into its international asset servicing business, said the agreement would compliment its fund services capabilities and grow its back and middle office outsourcing activities for fund managers.
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