MassMutual Completes Acquisition of Baring Asset Management
Springfield, Massachesetts (ots/PRNewswire)
- Combined Assets Under Management Exceed US$350 Billion
MassMutual Financial Group announced today the completion of the acquisition of the global investment management activities of Baring Asset Management Limited from ING Group. Under terms of the agreement, a subsidiary of Massachusetts Mutual Life Insurance Company (MassMutual), purchased Baring Asset Management Limited, as well as other related subsidiaries (Baring). Terms of the transaction were not disclosed.
The acquisition adds approximately US$35 billion to assets under management for MassMutual and its subsidiaries, which, including Baring, now exceed US$350 billion. Baring will continue to operate independently with current chairman and CEO David Brennan retaining his responsibilities.
"Clearly, the Baring acquisition is a significant step in our international growth strategy," said Robert J. O'Connell, chairman, president and CEO of MassMutual. "Its highly recognized franchise and global asset management capabilities will provide a springboard for the worldwide distribution of our companies' financial products and services, beyond our current international capabilities."
Baring operates 11 offices in 10 countries. MassMutual and its subsidiaries currently have offices in 12 countries on four continents, serving 11 million customers.
"We continue to grow our business both in the U.S. and internationally, and will take full advantage of the opportunities for cross selling products and services from our combined companies' diversified portfolio. We intend to maximize the use of the highly recognizable Baring name, particularly in Europe," O'Connell said.
Baring is one of the most venerable names in the global investment community. Baring Brothers & Co. was founded in 1762. In 1803, Baring financed the Louisiana Purchase, which doubled the size of the United States by adding more than one million square miles, and to this day remains the largest commercial real estate transaction in history. The U.K. asset management business was established in 1958. Further, Baring Brothers & Co. was among the first companies to open an investment management office in the Far East more than 25 years ago. It launched investment operations in the U.S. in the late 1970s. These activities were combined into a single division, Baring Asset Management, in 1989.
MassMutual Financial Group is a global, growth-oriented, diversified financial services organization providing life insurance, annuities, disability income insurance, long-term care insurance, retirement planning products, structured settlement annuities, trust services, money management, and other financial products and services.
The MassMutual Financial Group is a marketing designation (or fleet name) for Massachusetts Mutual Life Insurance Company and its affiliates, which include: OppenheimerFunds, Inc.; Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; MML Investors Services, Inc.; The MassMutual Trust Company, FSB; Antares Capital Corporation; MML Bay State Life Insurance Company; C.M. Life Insurance Company; and MassMutual International, Inc.
MassMutual is on the Internet at http://www.massmutual.com
Contact:
Jim Lacey, +1-413-744-2365
Mark Di Giorgio, +1-413-744-7722Web site: http://www.massmutual.com
Contact:
Jim Lacey, +1-413-744-2365, or Mark Di Giorgio, +1-413-744-7722 both
of MassMutual