Bae, Kim & Lee LLC (“BKL”) advised Baring Asset Management Limited, a U.K. based asset management company (“BAML”), in its acquisition of SEI Asset Korea Co., Ltd., one of the leading asset managers in Korea (“SEIAK”). BAML acquired SEIAK through its Hong Kong subsidiary, Baring Asset Management (Asia) Limited, and the acquisition closed on March 28, 2013.
SEIAK, newly renamed as Baring Asset Management Korea Limited (“BAMK”), was originally founded in 1988 and operates a comprehensive asset management and investment advisory business in Korea. As of March 31, 2013, BAMK had approximately KRW 8 trillion (approx. US$ 7 billion) assets under management. BAML is an international investment management firm that offers a range of specialized asset management services to clients across world markets, and its expansion into Korea bolsters an already substantial presence in the Asia region. BAML is part of the MassMutual Financial Group.
BKL advised BAML on a wide range of issues in connection with the auction bidding process, negotiation of the definitive agreements, due diligence matters, post-merger integration matters, the closing of the transaction, as well as guiding BAML through a lengthy regulatory approval process in Korea.
Global investment bank UBS acted as financial advisor to BAML, and U.S. law firm Willkie Farr & Gallagher LLP advised BAML with respect to the stock purchase agreement. Goldman Sachs acted as financial advisor to the sellers comprised of SEI Global Investments Corp., MetLife International Holdings, Inc., and International Finance Corporation.
The BKL team was led by partners Sky Yang and Young Mo Kim from the firm’s Securities and Finance practice group, and included foreign legal advisors Steve Kim and David Ahn, and associate Jeena Kim.
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