Barings in $260 billion consolidation

Merger1Baring Asset Management is to merge with its sister firms as owner, Massachusetts Mutual Life Insurance Company (MMLIC), moves to create a single multi-asset investment firm.

The new asset management business, which will carry the Barings brand, will have $260 billion (€237 billion) in assets under management.

Barings’ other stablemates within the MMLIC business are Babson Capital Management and its subsidiaries Cornerstone Real Estate Advisers and Wood Creek Capital Management.

The new firm – with offices in 20 countries and 1,700 professionals – will be led by Tom Finke, chairman and chief executive officer (CEO) of Babson, and it will be headquartered in Charlotte, North Carolina, US.

David Brennan, chairman and CEO of Barings, will retire as planned during the summer of 2016.

No change in investment leadership is anticipated. The new Barings will provide fixed income, equity, multi-asset, real estate, real assets, and alternatives products.

MMLIC expects to close the initial phase of the integration during the fourth quarter of this year, subject to regulatory approval.

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