A $486 billion global manager has hired Principal Global Investors Australia's institutional sales director for its Sydney office, as it looks to grow its business down under.
Michael Gaffney is joining Barings in its global business development group as a managing director.
"[He will] serve our clients and extend our distribution efforts in the region," a spokesperson for Barings said in a statement.
Gaffney was most recently employed as one of the two institutional sales directors at Principal Global Investors Australia, which manages about $3.8 billion in the region.
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He left Principal last month, after nearly four years in the role, Financial Standard first reported.
He has previously worked in institutional distribution at nabInvest, Challenger and Bank of Ireland Asset Management.
Barings manages US $335 billion globally. Roughly a third of its external assets under management come from Asia Pacific.
Last year, the company appointed its first head of APAC, Duncan Robertson, who relocated from Barings' North Carolina offices to Sydney.
Melbourne-based Sue-Ellen O'Keeffe who is Barings' head of ANZ distribution continues in the role, the spokesperson said.
Barings' offering for Australian institutional investors includes strategies in fixed income (high yield, structured credit, private credit, emerging markets and investment grade), equities (EM, small caps, active quant and global equities), alternatives (real estate and private equity) and multi-asset.