Cornerstone Real Estate Advisers has been integrated into a new $275 bn (€245 bn) global asset management business under the Barings brand.
Four Massachusetts Mutual Life Insurance Company (MassMutual) institutional affiliates - Babson Capital Management, its subsidiaries Cornerstone Real Estate Advisers and Wood Creek Capital Management, and Baring Asset Management - have merged to operate as a unified company.
'This merger marks an exciting moment in our history, and it enhances our ability to provide comprehensive, innovative solutions to help our clients meet their investment objectives,' commented Tom Finke, chairman and CEO of Barings. '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.'
Babson Capital Management said that the Barings brand and logo had been refreshed to reflect the firm's evolution.
Barings becomes one of the world’s largest asset management organisations with more than $275 bn under management and over 1,700 employees in 41 offices across 17 countries. Within the newly created organisation, Scott Brown will lead global real estate.
Roger Crandall, chairman, president and CEO, MassMutual, commented: '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.'
