Barings LLC

Last updated
Barings
Type Subsidiary
Industry Financial services
Founded1940 [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]
OwnerMassMutual Financial Group
Number of employees
1,800+ employees globally [6]
Parent Massachusetts Mutual Life Insurance Company
Website www.barings.com

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]

Contents

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


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References

  1. 1 2 Tony Tassell (17 November 2004). "Final Step in Dismemberment of BAM". UK: Financial Times . Retrieved 10 October 2013.
  2. Choudhury, Saheli Roy (2019-04-25). "Barings CEO: We 'won't be going to Russia anytime soon'". CNBC. Retrieved 2020-06-11.
  3. "PIMCO, GoldenTree Execs Warn of Investing's New Table Stakes". Institutional Investor. Retrieved 2020-06-11.
  4. Shaffer, Leslie (2017-09-17). "Where big money investors are putting their fixed income dollars". CNBC. Retrieved 2020-06-11.
  5. "Barings.com". www.barings.com. Retrieved 2024-01-10.
  6. 1 2 3 4 Chris Newlands (September 12, 2016). "MassMutual merger revives Barings brand". Financial Times.
  7. "MassMutual to buy Baring Asset unit". UK: BizJournal. 20 November 2004. Retrieved 20 June 2013.
  8. "Barings Website - About Us". www.barings.com. June 30, 2021. Archived from the original on 2020-02-08.
  9. "Risks and Rewards: Merchant banking". UK: Risk and Rewards. Retrieved 20 June 2013.
  10. "Timeline (1950s)". UK: The Baring Archive(charity). Archived from the original on 14 October 2013. Retrieved 10 October 2013.
  11. "Baring Asset Management". UK: Invest offshore directly. Archived from the original on 30 September 2013. Retrieved 20 June 2013.
  12. "Timeline (1989)". UK: The Baring Archive(charity). Archived from the original on 14 October 2013. Retrieved 10 October 2013.
  13. "Implications of the Barings Collapse for Bank Supervisors" (PDF). Reserve Bank of Australia. 1995. Archived from the original (PDF) on 2007-09-01. Retrieved 2007-11-18.
  14. Howard Chua-Eoan (2007). "The Collapse of Barings Bank, 1995". Time. Archived from the original on 2007-11-16. Retrieved November 16, 2007.
  15. "ING ends link with Baring name". UK: BBC News. 22 November 2004.
  16. "Business: MassMutual to buy part of Barings business". Boston.com. 23 November 2004.
  17. "ING sells Baring Asset Management". Financial News. November 22, 2004.
  18. "Award Winners – Baring Asset Management Limited". UK: The Queen’s Awards for Enterprise Magazine. Archived from the original on 21 June 2013. Retrieved 20 June 2013.
  19. "Barings celebrates 250th anniversary". UK: Actuarial Post. Retrieved 20 June 2013.
  20. "Barings Enters Korea's Asset Management Market". UK: The Wall Street Journal. 16 April 2013. Retrieved 20 June 2013.

Further reading