Barings: AUM & Ownership

Clients

Barings serves 417 clients, 210 of them pooled investment vehicles. The average client has about $942 million with the firm.

Regulatory assets by client type

Business development companies4 clients2%
Pooled investment vehicles210 clients19%
Pension and profit-sharing plans43 clients3%
Insurance companies108 clients73%
OtherBanking or thrift institutions, Investment companies, Corporations and other businesses3%

Show client breakdown

Client type	Clients	Regulatory AUM	Share	Avg. per client
Banking or thrift institutions	7	$2,344,480,630	0.6%	$334.9M
Investment companies	36	$7,770,477,470	2.0%	$215.8M
Business development companies	4	$8,219,799,899	2.1%	$2.05B
Pooled investment vehicles	210	$73,088,297,733	18.6%	$348.0M
Pension and profit-sharing plans	43	$13,015,869,818	3.3%	$302.7M
Insurance companies	108	$286,373,671,821	72.9%	$2.65B
Corporations and other businesses	9	$1,940,897,103	0.5%	$215.7M
Total	417	$392,753,494,474	100%	$941.9M

Banking or thrift institutions

Clients: 7
Regulatory AUM: $2,344,480,630
Share: 0.6%
Avg. per client: $334.9M

Investment companies

Clients: 36
Regulatory AUM: $7,770,477,470
Share: 2.0%
Avg. per client: $215.8M

Business development companies

Clients: 4
Regulatory AUM: $8,219,799,899
Share: 2.1%
Avg. per client: $2.05B

Pooled investment vehicles

Clients: 210
Regulatory AUM: $73,088,297,733
Share: 18.6%
Avg. per client: $348.0M

Pension and profit-sharing plans

Clients: 43
Regulatory AUM: $13,015,869,818
Share: 3.3%
Avg. per client: $302.7M

Insurance companies

Clients: 108
Regulatory AUM: $286,373,671,821
Share: 72.9%
Avg. per client: $2.65B

Corporations and other businesses

Clients: 9
Regulatory AUM: $1,940,897,103
Share: 0.5%
Avg. per client: $215.7M

Total

Clients: 417
Regulatory AUM: $392,753,494,474
Share: 100%
Avg. per client: $941.9M

What it does

Barings provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles, portfolio management for institutions, selecting other managers and educational seminars. It is paid through a percentage of assets, fixed fees and performance-based fees.

Barings provided financial planning to 0 clients last fiscal year and advises 91 private funds.

96.9% of assets ($380.66B across 414 accounts) are managed with discretion; $12.09B across 3 accounts are not. 46% of clients are outside the U.S., and 3 clients received advice without assets under management last fiscal year.

What the accounts hold

Separately managed account assets by class, year end

Bonds50%
- Investment grade corporate bonds31%
- High-yield corporate bonds11%
- Sovereign bonds4%
- U.S. government and agency bonds3%
- State and local bonds1%
Cash5%
Other45%
- Collateralized mortgage loans, bank loans, and partnerships.44%
- Derivatives1%

Custodians

Barings’ client accounts are held mainly at Citigroup Global Markets, with 45% of managed assets, and Bank of New York Mellon, with 15%. Barings has custody of $4.33B for 22 clients.

Managed account assets by custodian

Citigroup Global MarketsCitigroup Global Markets Inc. · New York, NY · $177.27B45%
Bank of New York MellonBank of New York Mellon Corporation · New York, NY · $57.07B15%
All other custodians$158.41B40%

Ownership and leadership

MM Asset Management Holding LLC owns 75% or more of Barings, and Michael Freno is its CEO.

Who owns the firm

Barings LLC· the adviser

MM Asset Management Holding LLC
Control person · since February 2012
Owns 75% or more of Barings LLC
- Massmutual Holding LLC
  Control person · since February 2012
  Owns 75% or more of MM Asset Management Holding LLC
  - Massachusetts Mutual Life Insurance Company
    Control person · since July 2004
    Owns 75% or more of Massmutual Holding LLC
Msig MB Management LLC
Control person · since May 2026
Owns 10% to 25% of Barings LLC
- Mitsui Sumitomo Insurance Co., LTD
  Control person · since May 2026
  Owns 75% or more of Msig MB Management LLC
  - Ms&ad Insurance Group Holdings Inc
    Control person · since May 2026
    Owns 75% or more of Mitsui Sumitomo Insurance Co., LTD

Leadership

Michael Freno
President, Chief Executive Officer, Chairman of the Board of Managers, and Director
Patrick Hoefling
Chief Financial Officer
Bradley Finkle
Chief Operating Officer
Melissa Lagrant
Chief Compliance Officer
Susan Cicco
Director, Human Resource Committee
Geoffrey Craddock
Director, Audit Committee
Roger Crandall
Director, Human Resource Committee
Mary Jane Fortin
Director
Meredith Hunter
Assistant Secretary
Kaku Kikukawa
Director
Paul Anthony Lapiana
Director
Eric Lloyd
Vice Chairman
Melissa Logan
Chief Legal Officer and Assistant Secretary
Sears Merritt
Director
Michael O'Connor
Director, Audit Committee
Eric Partlan
Director
Daniel Verwholt
Treasurer
Rhian Williams
Secretary

Staff

1,101 employees
465 in advisory functions
77 broker-dealer reps
6 soliciting firms

Reported holdings

Barings’ reported 13F holdings total $5.64B across 191 positions, and the ten largest make up 74.0% of it.

$5.64B
Reported 13F value: 191
Positions: 74.0%
In the 10 largest: −9.0%
Value vs. prior quarter

Ten largest positions, share of reported value

iShares TR · Core S&P500 ETF23.2%
Invesco Qqq TR · Unit Ser 111.3%
iShares TR · Rus 2000 Grw ETF11.0%
Vanguard Scottsdale Fds · Shrt Trm Corp. BD7.2%
iShares TR · Ishs 1-5yr Invs6.4%
iShares TR · Iboxx Inv CP ETF5.3%
Janus Detroit Str TR · Hendrson Aaa CL4.4%
Barings Bdc, Inc..2.1%
Vanguard Intl Equity Index F · TT Wrld ST ETF2.0%
Herbalife Ltd · Note 4.250% 6/11.2%

Together, the ten largest are 74.0% of reported value.

The 50 largest positions and quarterly changesQuarter ended 30 June 2026 · filed 7 August 2026

A 13F covers only exchange-traded long positions the firm holds with discretion, so this $5.64B is not its $392.75B in regulatory assets and does not represent any individual client's portfolio.

Fees

Barings is paid through a percentage of assets under management, fixed fees (other than subscription fees) and performance-based fees.

Barings’ fee rates are not included in this profile. Find its brochure on the SEC’s site.

Offices and registrations

Besides its headquarters, Barings has 10 offices, with 11 listed addresses across 7 states.

Listed office addresses by state

North Carolina · 1 listed address

300 S. Tryon Street, Suite 2500, CharlotteHQ

Registration details

Legal name: Barings LLC
Headquarters: 300 S. Tryon Street, Suite 2500, Charlotte, NC 28202
Phone: 704-805-7200
Website: www.barings.com
SEC file: 801-241
Structure: Delaware LLC
Fiscal year end: December

This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov

Common questions

How many clients does Barings have?

Barings has 417 clients and manages $392.8 billion for them, as of August 2026. They include 210 pooled investment vehicles, 108 insurance companies and 43 pension and profit-sharing plans.

Source: Form ADV Part 1A, Items 5.D and 5.F, filed 11 August 2026

What services does Barings offer?

Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file

Which custodians does Barings use?

Barings’ separately managed account assets are held at Citigroup Global Markets Inc. (New York, NY), with $177,270,720,546 and Bank of New York Mellon Corporation (New York, NY), with $57,074,633,593. Only custodians holding at least a tenth of those assets are named.

Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 11 August 2026

How many financial advisors does Barings have?

Barings has 0 investment adviser representatives registered with state securities authorities, out of 1,101 employees, and 465 perform investment advisory functions. 77 are registered representatives of a broker-dealer and 0 are licensed insurance agents.

Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file

What does Barings invest in?

At the end of its last fiscal year, Barings’ separately managed accounts held 44% collateralized mortgage loans, bank loans, and partnerships., 31% investment grade corporate bonds, 11% high-yield corporate bonds, 5% cash and equivalents, 4% sovereign bonds, 3% U.S. government and agency bonds, 1% state and local bonds and 1% derivatives. It advises 91 private funds.

Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file

Who owns Barings?

Barings is owned through a chain of holding companies by Massachusetts Mutual Life Insurance Company and Ms&ad Insurance Group Holdings Inc. Its direct owners are MM Asset Management Holding LLC (75% or more) and Msig MB Management LLC (10% to 25%).

Source: Form ADV Part 1A, Schedules A and B, filed 11 August 2026

How does Barings get paid?

Barings is paid through a percentage of assets under management, fixed fees and performance-based fees. Its Form ADV lists no commissions among how it is paid.

Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file