Baring, which manages £30bn, said that the deal will complete during the last month of 2012, after receiving regulatory clearance as well as certain customary closing conditions.
The wealth manager owns a comprehensive asset management license, which will enable it to provide a full range of products and services to the Korean market.
Barings chairman and chief executive officer David Brennan said, the acquisition will boost its presence in one of Asia’s largest asset management markets with considerable growth potential.
"We will bring Barings’ deep pool of Asian resource and distribution expertise, aligned with our highly regarded international investment platform, to the Korean market and build on the success already achieved by SEIAK."
The acquirer anticipates that the acquisition will add nearly $6.3bn to Barings’ assets under management.
The UBS Investment Bank served as financial advisor to Barings while Goldman Sachs acted as financial advisor to SEIAK.
