ING Groep N.V., Amsterdam, has agreed to sell its Baring Asset Management unit to 2 U.S. companies.[@@]
Massachusetts Mutual Life Insurance Company, Springfield, Mass., will buy Baring’s investment management division.
Northern Trust Corp., Chicago, will acquire the company’s financial services group.
MassMutual will get Baring Asset Management Limited U.K. along with related subsidiaries. Terms were not disclosed, but MassMutual Chairman Robert J. O’ Connell says MassMutual will pay “well above $100 million.”
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O’Connell says the main goal of the acquisition is to give MassMutual a quick route to the global asset management business. The acquired firm has investment teams in London, Hong Kong, Tokyo and Boston.
The Baring asset management unit, founded in 1958, is an offshoot of Baring Brothers & Company, London, a merchant bank founded in 1762 that was known for its legendary entrepreneurial elan. The asset management unit now manages about $32 billion in assets.
MassMutual has about $300 billion in assets under management, O’Connell says.
Baring “is a strong strategic fit as we grow our investment operations internationally,” he says.