Barings acquires Korean firm SEIAK

Baring Asset Management is expanding its presence in Korea with the acquisition of one of the largest asset managers in the region, SEI Asset Korea.

The firm will make use of the SEIAK's existing distribution channels to provide products to the Korean investment community. The acquisition, which is subject to regulatory approval and expected to be completed at the end of the year, will add $6.3bn in assets under management bringing Barings' total AUM to $53.3bn. Around 47 employees will be joining Barings, 23 of which are investment managers, to bring the total number of employees to 550. David Brennan, chairman and CEO at Barings, said: "Korea is one of Asia's largest asset management markets with considerable growth potential. S...