Macquarie Investment Management (MIM) has completed the acquisition ING Group’s investment management business in South Korea.

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MIM said that ING Investment Management Korea and its employees will operate as part of its investment management business with effective from 2 December 2013.

Subject to completion of local registrations, the business will be branded Macquarie Investment Management Korea (MIM Korea) from January 2014.

MIM said that the business will continue to be led by Hong Choi and the ING IMK team will continue to serve their clients with the same investment process.

After receipt of regulatory approvals, Michael Walsh, division director in MIM’s affiliated managers business and the transaction lead for the ING IMK acquisition, will join the Board of MIM Korea.

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Ben Bruck, global head of MIM, said: "We are delighted to welcome Choi and the team to Macquarie. With the help of the team’s expertise, we are excited about the potential to offer Macquarie’s global capabilities to Korean investors as locally relevant investment services."

With AUM of more than KRW24 trillion (US$22.7 billion), ING IMK will offer Macquarie’s global investment solutions to both retail and institutional investors in addition to its existing domestic investment solutions in cash, equities and fixed income.