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Barings To Acquire Korean Asset Manager
Baring Asset Management is to acquire SEI Asset Korea Co, in a move which it says underlines its strong commitment to Korea - the third-largest market for asset management services in Asia.
The deal, for which terms were not disclosed, will add around $6.3 billion to Barings’ assets under management, the firm said in a statement. Commenting on the acquisition, David Brennan, chairman and executive of Barings, emphasised the considerable growth potential of the Korean market and praised the “excellent reputation and strong franchise” of SEIAK.
SEIAK is the nineteenth largest asset manager in Korea (out of 82 firms) and has a headcount of 47 staff, 23 of whom are investment managers. The firm was founded in 1988 as Tong Yang Investment Advisory, subsequently merging with Asset Korea in 1997.
Assuming the necessary regulatory approvals are granted, the deal is expected to close by the end of this year.