NU Online News Service, March 31, 2005, 4:14 p.m. EST
A Springfield, Mass., life insurer has closed on an acquisition of an offshoot of one of the world's most famous merchant banks.[@@]
The insurer, Massachusetts Mutual Life Insurance Company, has purchased Baring Asset Management Limited U.K., London, from ING Groep N.V., Amsterdam, for a price that was not disclosed.
MassMutual reported in November 2004, when the deal was first announced, that the price was "well above $100 million."
O'Connell says the main goal of the acquisition is to give MassMutual a quick route to the global Baring asset management business. The acquired firm has investment teams in London, Hong Kong, Tokyo and Boston and other offices throughout the world, including San Francisco.
The Baring asset management unit, founded in 1958, was started by Baring Brothers & Company, London, a merchant bank founded in 1762. The asset management unit now manages about $32 billion in assets.
The Baring asset management unit has about 600 employees globally. MassMutual said in November that those employees will continue to work for the Baring asset management unit after the acquisition was completed. MassMutual also said in November that David Brennan, chairman of Baring Asset Management, and other top executives would retain their positions.
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