US insurer MassMutual has completed the merger of its four asset management affiliates to create an investment company with more than $275bn in assets.
The combined entity, created through the merger of Babson Capital Management, Cornerstone Real Estate Advisers, Wood Creek Capital Management, and Baring Asset Management, will operate under the Barings name. The merger was announced in March 2016.
MassMutual chairman, president and CEO Roger Crandall said: “Importantly, the launch of the ‘new’ Barings builds on the distinctive legacies of these four firms, represents an important strategic step forward that further differentiates us in the marketplace and positions our asset management operations to continue to succeed and lead in the years ahead.”
The new firm will have a workforce of over 1,700 in 41 offices across 17 countries.
Russ Morrison, former vice-chairman of Babson, has been appointed as the firm’s president and will spearhead global fixed income, equity and multi-asset strategies.
Scott Brown, the former CEO of Cornerstone, will lead global real estate. Anthony Sciacca will head global alternative investments and private equity.
Barings chairman and CEO Tom Finke said: “The new Barings possesses expanded depth and breadth of expertise across the global fixed income, equity, real estate and alternative asset markets.
“In addition, our integrated global footprint gives us a broader perspective, access to a more-diverse set of opportunities and strengthens our ability to invest across global markets.”