Charity sector investment management firm Baring Asset Management has been taken over. The firm was acquired last week by American company MassMutual for an undisclosed sum.
Baring, which has more than 200 charity clients in the UK, will continue to operate independently, with current chairman and chief executive David Brennan remaining in post.
Baring's acquisition continues the trend of consolidation among investment management firms that serve charities. Last month, Rensburg paid Investec £188m for Carr Sheppards Crosthwaite, the manager of the Charities Property Fund. The new group, Rensburg Sheppards, has £10.3bn under management.
In 2004, Chiswell Associates was bought by Sarasin Investment Management and Laing & Cruickshank by UBS and Credit Lyonnais.
- Baring Asset Management has been taken over by American firm MassMutual
- Baring, which has 200 charity clients, will operate independently of the new parent firm
- In March, Rensburg bought Carr Sheppards Crosthwaite, manager of the Charities Property Fund, from Investec.