Barings Asset Management revealed that the investment giant is planning to integrate several affiliates under Barings brand to strengthen its global scope.
Babson Capital Management LLC, its subsidiaries Cornerstone Real Estate Advisers LLC and Wood Creek Capital Management LLC, and Barings Asset Management Limited, announced that they will combine and use the Barings brand.
The combination will create a leading global, multi-asset investment management firm with over $260 billion of assets under management, offices in 20 countries, and over 1,700 professionals. The firm will be led by Tom Finke, current Chairman and CEO of Babson, and will be headquartered in Charlotte, North Carolina.
The firm expects to close the initial phase of the integration during the fourth quarter of this year, subject to required regulatory approval.
Babson, Barings, Cornerstone, and Wood Creek are affiliates of Massachusetts Mutual Life Insurance Company (MassMutual)
David Brennan, Chairman and CEO of Barings, who will retire as planned during the summer of 2016, commented, “This is an exciting opportunity for the Barings organization to combine with its affiliates to create a new, more diversified global manager.” Brennan added, “It has been an honor leading this impressive organization over the past 14 years, and I look forward to working with the new management team in the coming months.”
“This combination is highly complementary in terms of asset classes, distribution footprint, and shared commitment to excellence,” added Tom Finke. “Together, Babson, Barings, Cornerstone, and Wood Creek offer institutional and retail investors worldwide a compelling array of investment offerings. As a unified firm we will be better able to deliver our diverse and global investment offerings to clients.” BM