Charlotte-based global asset manager Barings has appointed Ike Bae, former head of sales at the firm, as its new chief executive officer in Korea, according to a company statement.
Bae replaces Thae Khwarg who retired in December after working at the firm for 20 years.
Bae joined Barings in its Seoul office in 2011, where he has led its Korean institutional and mutual funds businesses as head of sales. Prior to joining Barings, he was head of alternative investment, Private Banking Department at Korea Investment & Securities Co, and head of Korea at AllianceBernstein Investment Management (Korea).
Wonil Kim, head of institutional sales in Korea, will take over Bae’s role as head of sales.
In September last year, Babson Capital Management, Cornerstone Real Estate Advisers LLC and Wood Creek Capital Management were integrated under the Barings brand, offering alternative assets, real estate, equity, and fixed income to its clients.
Barings, with more than $284 billion of assets across 17 countries, manages a total of $5.2 billion of alternative investments including funds, co-investments and direct investments, according to PEI data.
The firm’s Korea unit, launched in 2013 to boost its business in the country, surpassed 10 trillion won ($9.5 billion; €9 billion) in December 2016.
Commenting on the appointment Gerry Ng, Barings’ for Asia Pacific ex-Japan, said: “With over 25 years of investment experience and expertise, Ike has been instrumental in helping to grow our business in Korea. Korea is a dynamic market and a strategic priority for our Asia business as we look to build out our platform with our newly expanded capabilities and product set.”