03 December 2013
Seoul - Macquarie Investment Management (MIM), part of Macquarie Funds Group, today announced that it has completed the acquisition of ING Investment Management Korea (ING IMK) from ING Group.
Effective 2 December 2013, the ING IMK business and its employees operate as part of MIM’s global investment management business. Subject to completion of local registrations, the business will be branded Macquarie Investment Management Korea (“MIM Korea”) from January 2014.
With assets under management of more than KRW24 trillion ($US22.7 billion), the business remains a top seven investment manager in Korea. In addition to its existing domestic investment solutions in cash, equities and fixed income, the company will also offer Macquarie’s global investment solutions to both retail and institutional investors.
The integration of the ING IMK business strengthens MIM’s presence in Asia and is consistent with its strategy to further build a global asset management business. Globally, MIM now ranks amongst the five largest managers of third-party insurance assets by assets under management.
It also complements Macquarie Group’s existing operations in Korea. Following the acquisition, Macquarie will be the largest foreign asset manager in Korea by assets under management.
As indicated at the time the acquisition was announced, the business will continue to be led by Dr Hong Choi and the ING IMK team will continue to serve their clients with the same investment process. After receipt of regulatory clearances, Michael Walsh, Division Director in MIM’s Affiliated Managers business and the transaction lead for the ING IMK acquisition, will join the Board of MIM Korea.
Ben Bruck, Global Head of MIM, said: “We are delighted to welcome Dr Choi and the team to Macquarie. With the help of the team’s expertise, we are excited about the potential to offer Macquarie’s global capabilities to Korean investors as locally relevant investment services.”
Axel Maier, MIM’s Head of Asian Business, said; “Through the addition of ING IMK’s skilled investment and client service teams to our broader investment management business, we are now able to deliver our global expertise to Korean clients. Asia is a key growth area for us, and MIM Korea is a cornerstone of our ongoing development in the region.”
Dr Choi said: “Macquarie Investment Management has world-class global investment capabilities which are attractive for Korean investors. Our clients and staff will benefit from joining MIM and the broader Macquarie Group. We look forward to beginning the next chapter of our evolution.”
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 $US355 billion in assets under management as at 30 September 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 among the five largest managers in the world for third party insurance assets and delivers a fullservice offering to both institutional and retail clients globally. Macquarie Investment Management employs over 800 staff globally with assets under management of $US250 billion as of 30 September 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 13,900 people in 28 countries. At 30 September 2013, Macquarie had assets under management of $US359 billion.