Home News & Analysis Cornerstone rebrands under Barings name
Cornerstone rebrands under Barings name
The Hartford, Connecticut-based real estate investment manager will combine with other MassMutual subsidiaries by the end of the year.
Meghan Morris
Cornerstone Real Estate Advisers is combining with other Massachusetts Mutual Life Insurance Company subsidiaries in a re-branding effort, the firm said Wednesday.
The Hartford, Connecticut-based real estate investment manager will be linked with Babson Capital Management, Wood Creek Capital Management and Baring Asset Management, all under the Barings brand. Babson's current chief executive officer Tom Finke will lead the firm out of Charlotte, North Carolina. It is unclear whether Cornerstone will be changing its name under the rebranding.
Cornerstone, founded in 1994, had more than $49 billion in assets under management (AUM) as of December 31, according to its website. The combined firm will have more than $260 billion of AUM, according to the statement. The firm said no investment leadership changes are expected, and it will combine distribution and marketing for the new firm.
"By bringing together these highly complementary world-class affiliates under the iconic and respected Barings brand, MassMutual enhances its already-strong offering of investment capabilities and outstanding service to an expanded universe of clients around the globe," said Roger Crandall, MassMutual's chief executive, in a statement Wednesday.
The first phase of the integration is expected to close during the fourth quarter, according to the firm, which did not provide further details of the integration process.