Macquarie Investment Management, part of the Macquarie Funds Group, has agreed to buy ING Group’s investment management business in South Korea.
ING Investment Management Korea (ING IMK) manages approximately KRW25 trillion (approximately EUR17 billion) of assets as of 31 March 2013, primarily for local institutional clients including ING Life Korea.
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The transaction is part of ING’s earlier announced process to divest its insurance and investment management businesses.
Upon completion of the transaction, Macquarie Investment Management and Macquarie Infrastructure and Real Assets will together be the largest foreign asset manager in Korea by assets under management.
Globally, Macquarie Investment Management is expected to be ranked amongst the three largest managers of third-party insurance assets by assets under management.
Ben Bruck, global head of Macquarie Investment Management, said: "This is a significant step in expanding our Asian business. We look forward to supporting the continued development of ING IMK’s Korean equities and fixed income business, which has delivered strong performance for clients."
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By GlobalDataThe deal is scheduled to close in the fourth quarter of 2013, subject to regulatory approvals.
