Baring Asset Management (Barings) has announced agreement in principle to the acquisition of SEI Asset Korea Co., Ltd (SEIAK). The acquisition, which is subject to regulatory approval, will expand considerably Barings presence in Korea, underlining its strong commitment to what is the third largest market for asset management services in Asia. SEIAK has a comprehensive asset management license which allows it to offer a full range of products and services to the Korean market.
Commenting on the acquisition, David Brennan, Chairman and Chief Executive Officer of Barings said: “We are very pleased to make this announcement. Korea is one of Asia’s largest asset management markets with considerable growth potential. SEIAK has an excellent reputation and strong franchise, with a commitment to delivering long term investment returns and outstanding client service that aligns with Barings’ own philosophy. “The acquisition of SEIAK underscores our commitment to Asia and belief in its strong long term growth potential. We will bring Barings’ deep pool of Asian resource and distribution expertise, aligned with our highly regarded international investment platform, to the Korean market and build on the success already achieved by SEIAK.”
Thae Surn Khwarg, Chief Executive Officer of SEIAK added: “We are proud to be joining a firm with such a strong reputation and long history as Barings. We share a belief in delivering long term investment returns and outstanding client service to our clients. Our combined strengths will enable us to build further on the success of our business in Korea.”
The acquisition will add approximately US$6.3 Billion to Barings’ assets under management. The transaction is expected to complete by the end of 2012. UBS Investment Bank acted as financial advisor to Barings and Goldman Sachs acted as financial advisor to SEIAK. Willkie Farr & Gallagher LLP and Bae, Kim & Lee LLC acted as legal advisors to Barings and Kim and Chang acted as legal advisor to SEIAK.