MassMutual Financial Group in Springfield, Mass., said Thursday that it had closed its purchase of the global investment management activities of Baring Asset Management Ltd. from ING Group.
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The deal's terms were not disclosed.
The purchase adds about $35 billion of assets under management at MassMutual, which now manages more than $350 billion. Baring is to operate independently, and its chairman and chief executive officer, David Brennan, retains those posts.
MassMutual Financial sells life insurance, annuities, disability income insurance, long-term-care insurance, retirement planning products, structured settlement annuities, trust services, money management, and other financial products and services.
