Baring's offshore fund range and business strategy will be unaffected by the company's purchase by M...
Baring's offshore fund range and business strategy will be unaffected by the company's purchase by MassMutual Financial Group in the US, according to the company.
Barings claimed that there are no plans to alter the group's cross-border strategy, pointing out that the acquisition in any case brings an additional $35bn to assets under management for MassMutual and its subsidiaries, which, including Barings, now exceed $350bn. Barings will continue to operate independently with chairman and CEO David Brennan retaining his responsibilities.
Robert O'Connell, chairman of Mass Mutual, said: "Clearly, the Barings acquisition is a significant step in our international growth strategy. Its highly recognised franchise and global asset management capabilities will provide a springboard for the worldwide distribution of our company's financial products and services, beyond our current global capabilities.
"We continue to grow our business both in the US and internationally, and will take full advantage of the opportunities for cross-selling products and services from our combined companies' diversified portfolio. We intend to maximise the use of the highly recognisable Barings name, particularly in Europe."
Barings operates 11 offices in 10 countries including London, Hong Kong, Tokyo and the US. MassMutual and its subsidiaries currently have offices in 12 countries on four continents, serving 11 million clients. The move will provide cross-selling opportunities across MassMutual's other major lines of business.
Other investment groups in the company's stable include OppenheimerFunds and Tremont Capital Management.
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