MassMutual’s Institutional Asset Management Affiliates Babson, Barings, Cornerstone and Wood Creek Announce Plans to Combine
Mar 09, 2016
CHARLOTTE, N.C. (March 9, 2016) – Babson Capital Management LLC, its subsidiaries Cornerstone Real Estate Advisers LLC and Wood Creek Capital Management, LLC, and Baring Asset Management Limited, announced today their intention to combine and use the Barings brand. The combination creates a leading global, multi-asset investment management firm with over $260 billion of assets under management, offices in 20 countries, and over 1,700 professionals. The firm will be led by Tom Finke, current Chairman and CEO of Babson, and will be headquartered in Charlotte, North Carolina.
David Brennan, Chairman and CEO of Barings, who will retire as planned during the summer of 2016, commented, “This is an exciting opportunity for the Barings organization to combine with its affiliates to create a new, more diversified global manager.” Brennan added, “It has been an honor leading this impressive organization over the past 14 years, and I look forward to working with the new management team in the coming months.”
Because of the complementary nature of the firms’ investment capabilities in fixed income, equity, multi-asset, real estate, real assets, and alternatives, no change in investment leadership is anticipated. Furthermore, distribution and marketing capabilities will be combined together to support the new global firm.
“This combination is highly complementary in terms of asset classes, distribution footprint, and shared commitment to excellence,” said Tom Finke. “Together, Babson, Barings, Cornerstone, and Wood Creek offer institutional and retail investors worldwide a compelling array of investment offerings. As a unified firm we will be better able to deliver our diverse and global investment offerings to clients.”
As a result of the combination, the Barings brand and logo will be refreshed to reflect the global nature of the new Barings and signify the unified platform of the affiliates. The choice to retain the Barings brand reinforces the global aspect of the new firm, the diversified nature of its client base, and the Barings heritage which dates back to 1762.
Babson, Barings, Cornerstone, and Wood Creek are affiliates of Massachusetts Mutual Life Insurance Company (MassMutual), a leading mutual life insurance company. Roger Crandall, the Chairman, President, and CEO of MassMutual, commented, “By bringing together these highly complementary world-class affiliates under the iconic and respected Barings brand, MassMutual enhances its already-strong offering of investment capabilities and outstanding service to an expanded universe of clients around the globe. We appreciate David’s commitment to help ensure a smooth and seamless process, as well as his outstanding leadership during his 14 years as Chairman and CEO of Barings, and welcome Tom into his new leadership role in the unified firm. I have tremendous confidence in this management team to both successfully implement this important initiative and build on the tremendous success already achieved.”
The firm expects to close the initial phase of the integration during the fourth quarter of this year, subject to required regulatory approval.
About Babson Capital Management LLC
Babson Capital Management LLC is one of the world's leading asset management firms, with approximately $223 billion in assets under management as of December 31, 2015. Through proprietary research, analysis and a focus on investment fundamentals, the firm and its global affiliates develop products and strategies that leverage its broad expertise in global fixed income, structured products, middle market finance, commercial real estate, alternatives and equities. A member of the MassMutual Financial Group, Babson maintains a strong global footprint with operations on four continents and clients in over 20 countries.
About Baring Asset Management Limited
Baring Asset Management is an international investment management firm with investment skills, clients and business locations spanning world markets. Investment competency encompasses developed and emerging market equity, fixed income and multi-asset portfolio management services offered to institutions, retail investors and private individuals. Worldwide clients include public and corporate pension plans, government agencies, financial institutions, charitable organizations, mutual funds and private individuals.
About Cornerstone Real Estate Advisers LLC
Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., UK, Europe, and Asia, is one of the largest global real estate investment managers. It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group.
About Wood Creek Capital Management, LLC
Wood Creek is an investment manager at the forefront of real assets investing. Our mission is to address the challenges faced by institutional investors by offering asset-based investments within a defined investment horizon. Wood Creek constructs portfolios of tangible and intangible asset exposures for its clients, who are themselves global leaders in institutional investing. Headquartered in New Haven, CT, Wood Creek is an SEC-registered investment advisor founded in 2005 and is an affiliate of the MassMutual Life Insurance Company and its asset management subsidiary Babson Capital Management, LLC.
About MassMutual Financial Group
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC, Member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.