Seoul, 10 July 2013
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.