ING Group agrees to sell Baring Asset Management
• MassMutual to buy BAM’s investment
• Northern Trust to buy BAM’s
Financial Services Group
ING Group has reached an agreement to sell the activities of Baring
Asset Management as part of its ongoing strategy to actively manage
its portfolio and focus on core businesses.
Under the agreement, U.S.-based MassMutual Financial Group will
purchase the investment management activities of Baring Asset
Management. The activities include about EUR 26 billion ($32
billion) in assets under management and a team of about 100
investment professionals operating from a network of 11 offices
Northern Trust Corp., based in Chicago, will purchase Baring Asset
Management’s Financial Services Group, which offers fund
administration, custody and trust services. The business had about
EUR 51 billion in funds under administration, EUR 23 billion in
custody, and EUR 26 billion held in trust as of 30 September 2004.
It operates from offices in London, Guernsey, Dublin, the Isle of
Man and Jersey.
All of Baring Asset Management’s employees will transfer to
the buyers, with 600 transferring to MassMutual and 770 to Northern
Trust. David Brennan, Chairman and CEO of Baring Asset Management,
will retain his responsibilities for the investment management
activities to be acquired by MassMutual.
For ING Group, the sales will result in a net gain of about EUR 250
million at closing. It will also have a positive impact on
ING’s debt/equity ratio of 80 basis points. The transactions
are subject to applicable regulatory approvals and are expected to
be completed before the end of the first quarter of 2005.
Press enquiries: ING Group, The Netherlands
Dorothy Hillenius, +31 20 541 6522,
ING is a global financial institution of Dutch origin offering
banking, insurance and asset
management to over 60 million private,
corporate and institutional clients in more than 50 countries. With
a diverse workforce of over 112,000 people, ING comprises a broad
spectrum of prominent companies that increasingly serve their
clients under the ING brand.
Note to editors:
MassMutual Financial Group – comprised of member companies
with nearly $300 billion of assets under management as of June 30,
2004 – is a global, growth-oriented, diversified financial
services organization providing life insurance, annuities,
disability income insurance, long-term care insurance, retirement
planning products, structured settlement annuities, trust services,
money management, and other financial products and services.
The MassMutual Financial Group is a marketing name for
Massachusetts Mutual Life Insurance Company and its affiliates,
which include: OppenheimerFunds, Inc.; Babson Capital Management
LLC; Cornerstone Real Estate Advisers LLC; MML Investors Services,
Inc.; The MassMutual Trust Company, FSB; Antares Capital
Corporation; MML Bay State Life Insurance Company; C.M. Life
Insurance Company; and MassMutual International, Inc. MassMutual is
on the Internet at www.massmutual.com.
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of
investment management, asset and fund administration, fiduciary and
banking solutions for corporations, institutions and affluent
individuals worldwide. Northern Trust, a multibank holding company
based in Chicago, has a growing network of offices in 15 U.S.
states and has international offices in six countries. As of
September 30, 2004, Northern Trust had assets under administration
of $2.4 trillion, assets under investment management of $535
billion. Northern Trust, founded in 1889, has earned distinction as
an industry leader in combining high-touch service and expertise
with innovative products and technology. For more information,