Updated Aug. 2, 2012
Baring Asset Management agreed to acquire SEI Asset Korea, spokeswoman Joanna Pope said.
Terms were not disclosed. SEI Asset Korea has about $6.3 billion in assets under management, Ms. Pope said. It primarily manages institutional assets.
“Korea is one of Asia's largest asset management markets with considerable growth potential,” David Brenna, chairman and CEO of Barings, said in a news release about the deal.
Baring, which is a subsidiary of MassMutual Financial Group, had about $47 billion in AUM as of June 30. SEI Investments owns a 56% in SEI Asset Korea, according to the firm's website; MetLife International Holdings owns 34% while International Finance Corp. has a 10% share of the firm.
The transaction is expected to close by the end of the year.