Baring Asset Management

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Baring Asset Management Limited
Type Private
Industry Financial services
Founded 1989[1]
Headquarters 155 Bishopsgate, City of London, UK
Area served Worldwide
Key people David J. Brennan (Chairman and CEO)
Products Asset management
AUM $60.3 billion (September 2013)[2]
Employees 492[3]
Website www.barings.com

Baring Asset Management Limited, also known as Barings, is an international investment management firm. Former parent company Barings Group originally established an asset management arm in 1955, and Baring Asset Management was formally created in 1989.[1]

Baring Asset Management is now owned by Massachusetts Mutual Life Insurance Company (MassMutual) and operates as a subsidiary of MassMutual Financial Group, a diversified financial services organisation.[4][5][6] Baring Asset Management has its head office in London and other regional offices around the globe: Europe (United Kingdom, Germany, France), Asia Pacific (Hong Kong, Korea, Taipei, Tokyo), North America (Boston, San Francisco, Toronto) and Middle East (Dubai).[7][8]

Services[edit]

Baring Asset Management provides investment management services to investors worldwide, with a particular focus on emerging and inefficient markets; asset allocation and specialist fixed income.[9]

History[edit]

Main articles: Barings Bank and Baring family

Barings, originally established as a firm of merchants and merchant bankers, was formed in London in 1762.[1]

In the 1950s, Barings realised the potential of asset management and set up its own investment department in 1955.[10][11] Clients were corporate clients, sovereign connections, pension funds and charitable institutions. In the 1970s, Barings expanded this business internationally with offices in the Far East, North America and Europe.[12] In 1989, Barings combined all of its asset management activities within Baring Asset Management Limited, headquartered in London.[13] In 1995, Barings Bank, the oldest investment bank in Britain, collapsed as a result of unauthorised trading by its head derivatives trader in Singapore, Nick Leeson, who was imprisoned for six and a half years in Singapore.[14] It was then bought by ING Group, a Dutch bank for £1.[15]

In March 2005, Baring Asset Management was split and Massachusetts Mutual Life Insurance Company (MassMutual) acquired Baring Asset Management’s investment management activities and the rights to use the Baring Asset Management name.[16][17] Northern Trust acquired Baring Asset Management’s Financial Services Group.[18]

Recent notable events[edit]

2010 – Baring Asset Management wins the Queen’s Award for Enterprise 2010 in the International Trade Category[19]
2012 – 250th Anniversary[20]
2013 – Baring Asset Management completes acquisition of SEI Asset Korea Co., Ltd (SEIAK)[21]

References[edit]

  1. ^ a b c Tony Tassell (17 November 2004). "Final Step in Dismemberment of BAM". UK: Financial Times. Retrieved 10 October 2013. 
  2. ^ Barings (17 November 2004). "About Barings". UK: Baring Asset Management. Retrieved 30 September 2013. 
  3. ^ Company Check (2012). "Baring Asset Management Limited - No. of emloyees". UK: Company Check. Retrieved 9 January 2014. 
  4. ^ Tony Tassell (23 November 2004). "ING splits and sells Baring Asset Management". UK: Financial Times. Retrieved 6 January 2014. 
  5. ^ Baring Asset Management (23 November 2004). "Baring at a glance". UK: Baring Asset Management. Retrieved 20 June 2013. 
  6. ^ "MassMutual to buy Baring Asset unit". UK: BizJournal. 20 November 2004. Retrieved 20 June 2013. 
  7. ^ Mark Battersby (2 April 2013). "Barings acquires one of Korea’s largest asset managers". Asia: International Adviser. Retrieved 6 January 2014. 
  8. ^ "Baring AM Sets Up Dubai Office". US: Institutional Investor. 22 October 2010. Retrieved 6 January 2014. 
  9. ^ Bloomberg Businessweek. "Company Overview of Baring Asset Management Limited". UK: Bloomberg Businessweek. Retrieved 6 January 2014. 
  10. ^ "Risks and Rewards: Merchant banking". UK: Risk and Rewards. Retrieved 20 June 2013. 
  11. ^ "Timeline (1950s)". UK: The Baring Archive(charity). Retrieved 10 October 2013. 
  12. ^ "Baring Asset Management". UK: Invest offshore directly. Retrieved 20 June 2013. 
  13. ^ "Timeline (1989)". UK: The Baring Archive(charity). Retrieved 10 October 2013. 
  14. ^ "Implications of the Barings Collapse for Bank Supervisors" (pdf). Reserve Bank of Australia. 1995. Archived from the original on 2007-09-01. Retrieved 2007-11-18. 
  15. ^ Howard Chua-Eoan (2007). "The Collapse of Barings Bank, 1995". Time Magazine. Archived from the original on 2007. Retrieved 2007. 
  16. ^ "ING ends link with Baring name". UK: BBC News. 22 November 2004. 
  17. ^ "Business: MassMutual to buy part of Barings business". Boston: Boston.com. 23 November 2004. 
  18. ^ "ING sells Baring Asset Management". Financial News. November 22, 2004. 
  19. ^ "Award Winners – Baring Asset Management Limited". UK: The Queen’s Awards for Enterprise Magazine. Retrieved 20 June 2013. 
  20. ^ "Barings celebrates 250th anniversary". UK: Actuarial Post. Retrieved 20 June 2013. 
  21. ^ "Barings Enters Korea's Asset Management Market". UK: The Wall Street Journal. 16 April 2013. Retrieved 20 June 2013. 

Further reading[edit]

  • Philip Ziegler, The Sixth Great Power: Barings 1762-1929 (1988). London: HarperCollins Publishers Limited. ISBN 0-00-217508-8.
  • John Orbell (1995), Baring Brothers & Co., Limited: a history to 1939. London: Baring Brothers & Company

External links[edit]