Baring Asset Management has the completed the acquisition of SEI Asset Korea, “considerably” expanding the firm’s presence in Korea, Barings has announced.

The acquisition of SEIAK, now Baring Asset Management Korea, underlines Barings’ strong commitment to what is the third largest market for asset management services in Asia. It adds approximately $7.4 billion to Barings’ assets under management, according to a statement from BAM last week.

UBS Investment Bank acted as financial advisor to Barings, and Goldman Sachs acted as financial advisor to SEIAK. Willkie Farr & Gallagher and Bae, Kim & Lee acted as legal advisors to Barings, and Kim and Chang acted as legal advisor to SEIAK. The deal was completed on 28 March 2013.

Baring Asset Management, part of the MassMutual Financial Group, is an international investment management firm with competencies including: developed and emerging market equity, fixed income and multi-asset portfolio management services offered to institutions, retail investors and private individuals. Barings currently has approximately US$53 Billion under management and 517 employees as at 28 February 2013 and 1 February 2013, respectively.

Baring Asset Management Korea Limited (formerly known as SEI Asset Korea Co.) is one of the largest independent asset managers in Korea with over 20 years of experience in research, advisory and fund management. Based in Seoul, South Korea, it currently has 49 employees of which 28 are investment professionals. As at 28 February 2013, it has approximately $7.4 billion under management