Baring Asset Management, a UK-based global investment management firm, has completed the acquisition of SEI Asset Korea Co., Ltd (SEIAK), for an undisclosed amount.
South Korea-based SEIAK was founded in 1988 as Tong Yang Investment Advisory. In 1997 it merged with Asset Korea to become SEIAK.
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Led by CEO, Thae Sum Khwarg, the new entity, which is now Baring Asset Management Korea, will expand Barings’ presence in Korea, adding approximately US$7.4 billion to its AuM and 49 staff, out of whom 28 are investment professionals.
UBS Investment Bank acted as financial advisor to Barings and Goldman Sachs acted as financial advisor to SEIAK. Willkie Farr & Gallagher and Bae, Kim & Lee acted as legal advisors to Barings and Kim and Chang acted as legal advisor to SEIAK.
Baring Asset Management, which is part of the MassMutual Financial Group, has $53bn under management and prior to the acquisition had approximately US$250 million in assets managed on behalf of Korean clients.
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