The transaction, which was originally signed in August 2012, has been successfully completed following approval from the various regulatory agencies.
The takeover will boost the acquirer’s presence in Korea, while adding nearly $7.4bn to its assets under management.
SEIAK has an inclusive asset management license which allows it to offer a full range of products and services to the Korean market.
Commenting on the deal, Baring Asset Management chairman and chief executive officer David Brennan said that Korea is one of Asia’s largest asset management markets with considerable growth potential.
"SEIAK has an excellent reputation and strong franchise, with a commitment to delivering long term investment returns and outstanding client service that aligns with Barings’ own philosophy," Brennan added.
UBS Investment Bank and Goldman Sachs served as financial advisors to Barings and SEIAK, respectively, while Willkie Farr & Gallagher and Bae, Kim & Lee and Kim and Chang acted as legal advisors to Barings and SEIAK.
Baring Asset Management offers developed and emerging market equity, fixed income and multi-asset portfolio management services to institutions, retail investors and private individuals.
Operating as a part of the MassMutual Financial Group, Barings had nearly $53bn under management and 517 staff as at 28 February 2013, and 1 February 2013 respectively.
