From Dec 2, the Korean business of ING Investment and its employees operate as part of Macquarie Investment Management’s global investment management business, Macquarie said.
The company will be branded as Macquarie Investment Management Korea from January, upon completion of local registrations.
Following the acquisition, Macquarie said it will be the largest foreign asset manager in Korea by assets under management.
Macquarie and ING had entered into an agreement during July. As announced earlier, the business will continue to be led by ING chief executive Hong Choi.
Following regulatory approvals, Michael Walsh, division director in Macquarie Investment Management’s affiliated managers business and the transaction lead for the ING acquisition, will join the board of Macquarie Investment Management Korea.
The integration of the ING Investment Management Korea business strengthens Macquarie Investment Management’s presence in Asia and is part of its strategy to build a global asset management business, the company said.
Globally, Macquarie Investment Management now ranks amongst the five largest managers of third-party insurance assets by assets under management.
In April, ING agreed a deal to sell its Korean insurance venture KB Life Insurance Company to its joint venture partner KB Financial Group.
In May, ING completed the sale of its Thai investment management business to UOB Asset Management, while it also exited from insurance and funds business in Malaysia.
Macquarie Fund Group had $US355bn (£216.70bn) in assets under management as of the end of September. Macquarie Investment Management employs over 800 staff globally with assets under management of $US250bn (£152.58bn).
