Baring Asset Management has expanded its presence in Korea with the acquisition of the $6.3 billion asset manager SEI Asset Korea. The value of the transaction was not revealed.
The acquisition, subject to regulatory approval, will bring Barings' assets under management to about $53 billion.
Seoul-based SEIAK, one of the top 20 asset managers by AUM in Korea, was founded in 1988 as Tong Yang Investment Advisory. In 1997 it merged with Asset Korea. It currently has 47 employees of whom 23 are investment managers.
Commenting on the acquisition, David Brennan, Barings chairman and CEO, said: “We are very pleased to make this announcement today. Korea is one of Asia’s largest asset management markets with considerable growth potential. SEIAK has an excellent reputation and strong franchise, with a commitment to delivering long term investment returns and outstanding client service that aligns with Barings’ own philosophy."
Baring Asset Management is part of the MassMutual Financial Group.