10 July 2013
Seoul - Macquarie Investment Management, part of the Macquarie Funds Group, today announced that it has entered into an agreement to acquire ING Investment Management Korea (ING IMK) from ING Group (ING), subject to certain closing conditions including regulatory approval.
The acquisition will strengthen Macquarie Investment Management’s presence in Asia and is consistent with its strategy to further develop a global asset management business. It will also complement Macquarie’s existing operations in Korea.
Upon completion of the transaction, Macquarie Investment Management and Macquarie Infrastructure and Real Assets will together be the largest foreign asset manager in Korea by assets under management, providing services to Korean clients that span Korean stocks and bonds, global stocks and bonds, and alternative assets such as transportation infrastructure, utilities, ports and property.
Globally, Macquarie Investment Management will rank amongst the three largest managers of third-party insurance assets by assets under management.
Ben Bruck, Global Head of Macquarie Investment Management, said: “This is a significant step in expanding our Asian business. We have a high regard for Dr Choi and the ING IMK team and are delighted to have them join us. We look forward to supporting the continued development of ING IMK’s Korean equities and fixed income business, which has delivered strong performance for clients. With the help of the ING IMK team’s expertise, we are excited about the potential to offer Macquarie’s global capabilities to Korean investors as locally relevant investment services.”
Dr Choi will remain CEO and the current team will continue to serve its clients. In addition, Macquarie Investment Management will make Macquarie’s global investment capabilities, including global fixed income and alternatives strategies, available to ING IMK’s clients and to other Korean institutional and retail investors. Implementation of the acquisition will be managed by an experienced team led by Michael Walsh, who has acted as project manager for all of Macquarie Investment Management’s acquisitions since 2008.
Axel Maier, Macquarie Investment Management’s Head of Asian Business, said: “Asia is one of the key growth regions for us globally and having a presence in Korea is an essential cornerstone for our Asian strategy.”
ING Investment Management Korea is a top 10 asset manager in Korea with AUM of KRW 25.2 trillion. It is a full-service asset manager with established fixed income and equities investment capabilities with both an institutional and retail client base.
Macquarie Investment Management is a full service global fund manager with over 25 years experience, and offers a range of investments for both retail and institutional investors across a variety of asset classes including fixed income, cash, currencies, equities, commodities, hedge funds and private equity secondary funds.
For further information, please contact:
Corporate Communications Korea
Tel: +822 3705 8582
Mob: +82 10 4532 2862
About Macquarie Funds Group
MFG is Macquarie Group's funds management business. MFG is a full-service asset manager, offering a diverse range of capabilities and products including infrastructure and real asset management, securities investment management and fund and equity-based solutions. The group had $US343.5 billion in assets under management as at 31 March 2013.
Macquarie Investment Management, a division of MFG, offers investment management capabilities across a number of asset classes including fixed interest, currencies, equities, listed infrastructure securities, private markets, hedge funds and multi-asset allocation solutions. It is the fifth largest manager in the world for third party insurance assets and delivers a full-service offering to both institutional and retail clients globally. Macquarie Investment Management employs over 800 staff globally with assets under management of $US249 billion as of 31 March 2013.
About Macquarie Group
Macquarie Group is a global financial services provider. It acts primarily as an investment intermediary for institutional, corporate and retail clients and counterparties around the world. Macquarie has built a uniquely diversified business. It has established leading market positions as a global specialist in a wide range of sectors, including resources, agriculture and commodities, energy and infrastructure, with a deep knowledge of Asia-Pacific financial markets.
Macquarie’s diverse range of services includes corporate finance and advisory, equities research and broking, funds and asset management, foreign exchange, fixed income and commodities trading, lending and leasing and private wealth management.
Macquarie Group Limited is listed in Australia (ASX:MQG; ADR:MQBKY) and is regulated by APRA, the Australian banking regulator, as the owner of Macquarie Bank Limited, an authorised deposit taker. Macquarie also owns a bank in the UK, Macquarie Bank International Limited, which is regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Founded in 1969, Macquarie employs more than 13,600 people in 28 countries. At 31 March 2013, Macquarie had assets under management of $A347 billion.