Macquarie buys Korean fund
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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.
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