Macquarie buys Korean fund

Deal to buy ING division expands Macquarie's Asian presence.

Macquarie Investment Management has announced plans to acquire ING Investment Management Korea from ING Group for an undisclosed figure.

The deal comes as ING Group sells off a number of its international holdings, and ING Investment Management Korea, with $44.3 billion in assets under management, is one of the top 10 asset managers in Korea.

The deal would stand to increase Macquarie Investment Management's assets to $263 billion and make Macquarie Group the largest foreign asset manager in Korea, as measured by assets under management, according to The Australian Financial Review.

“We have a high regard for [ING Investment Management chief executive] Dr Choi and the ING, IMK team and are delighted to have them joint us,” Macquarie Investment Management global head Ben Bruck said in a statement.