Barings LLC, known as Barings, is a global investment management firm owned by Massachusetts Mutual Life Insurance Company (MassMutual). It operates as a subsidiary of MassMutual Financial Group, a diversified financial services organization.[7]
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| Company type | Subsidiary |
|---|---|
| Industry | Financial services |
| Founded | 1940[1] |
| Headquarters | Charlotte, North Carolina |
Area served | Worldwide |
Key people | Mike Freno[2][3][4] (Chairman and CEO) |
| Products | Asset management |
| AUM | US$381+ billion (December 2023)[5] |
| Owner | MassMutual Financial Group |
Number of employees | 1,800+ employees globally[6] |
| Parent | Massachusetts Mutual Life Insurance Company |
| Website | www.barings.com |
As of December 31, 2023 Barings held US$381+ billion in assets under management.[8] Barings has over 1,800 professionals and offices in 16 countries.[6]
Services
Barings is a global investment manager.
History
Barings, originally established as a firm of merchants and merchant bankers, was formed in London in 1762.[1]
In the 1950s, Barings realised the potential of asset management and set up its own investment department in 1955.[9][10] Clients were corporate clients, sovereign connections, pension funds and charitable institutions. In the 1970s, Barings expanded this business internationally with offices in the Far East, North America and Europe.[11]In 1989, Barings combined all of its asset management activities within Baring Asset Management Limited, headquartered in London.[12]In 1995, Barings Bank, the oldest investment bank in Britain, collapsed as a result of unauthorised trading by its head derivatives trader in Singapore, Nick Leeson, who was imprisoned for six and a half years in Singapore.[13] It was then bought for £1 by ING Group, a Dutch bank.[14]
In March 2005, Baring Asset Management was split and Massachusetts Mutual Life Insurance Company (MassMutual) acquired Baring Asset Management's investment management activities and the rights to use the Baring Asset Management name.[15][16] Northern Trust acquired Baring Asset Management’s Financial Services Group.[17]
In September 2016, MassMutual merged Babson Capital Management, Wood Creek Capital Management, Cornerstone Real Estate Advisers, and Baring Asset Management to form Barings.[6]
Recent notable[citation needed] events
2010 – Baring Asset Management wins the Queen’s Award for Enterprise 2010 in the International Trade Category[18]
2012 – 250th Anniversary[19]
2013 – Baring Asset Management completes acquisition of SEI Asset Korea Co., Ltd (SEIAK)[20]
2016 – Barings is formed after MassMutual merges Babson Capital Management, Wood Creek Capital Management, Cornerstone Real Estate Advisers and Baring Asset Management.[6]
2018 - Barings Acquires Triangle Capital Corporation (Renamed Barings BDC INC.)
2020 - Barings BDC Closes Merger with MVC Capital
2021 - Barings BDC closes merger with Sierra Income Corporation
2022 - Barings Acquires Altis Property Partners
References
Further reading
- Philip Ziegler, The Sixth Great Power: Barings 1762-1929 (1988). London: HarperCollins Publishers Limited. ISBN 0-00-217508-8.
- John Orbell (1995), Baring Brothers & Co., Limited: a history to 1939. London: Baring Brothers & Company