GLOBAL – ING Group is to sell Baring Asset Management’s investment management activities to MassMutual, while Northern Trust will buy the unit’s fund administration arm.

“ING Group has reached an agreement to sell the activities of Baring Asset Management as part of its ongoing strategy to actively manage its portfolio and focus on core businesses,” ING said in a statement. All 1,370 employees would transfer to the buyers.

Financial terms of the MassMutual deal was not disclosed, but Northern Trust said it was paying around 260 million pounds (369.8 million euros) for the Financial Services Group, or FSG. ING said it would gain a net 250 million euros.

US-based MassMutual Financial Group – the marketing name for Massachusetts Mutual Life Insurance Co. - will buy the investment management activities, with 600 staff transferring.

The unit has around 26 billion euros under management. Baring AM chairman and chief executive David Brennan will retain his responsibilities for the investment management activities.

Northern Trust will buy Baring AM’s FSG, the institutional fund administration, custody, and trust services arm, with 770 staff moving.

Northern said the move would see it acquire a fund services group with around 51 billion euros in funds under administration and 23 billion euros in custody.

“The scope of FSG’s business will significantly enhance and expand our global fund administration capabilities, as well as our growing hedge fund, private equity, and property administration capabilities,” said Northern’s chairman and chief executive William Osborn.

FSG’s London operations will be integrated while its offshore centres will be maintained.

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