Seoul, 03 December 2013
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.”