Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels,  08.07.202  
C(2020 ) 4755 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M.9856 - M&G INVESTMENT MANAGEMENT / BARING ASSET 
MANAGEMENT / TUNSTALL GROUP HOLDINGS   
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 3 June 2020 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which  (i) M&G 
Investment Management Limited (“M&G Investment Management”, United 
Kingdom), controlled by M&G plc., (“M&G Group”, United Kingdom) , and (ii) 
Baring Asset Management Limited (“Baring Asset Management”, United Kingdom ), 
controlled by Barings Europe Limited (United Kingdom),  which is ultimately 
controlled by Massachusetts Mutual Life Insurance Company (“MassMutual Group”, 
United States) , acquire within the meaning of Article 3(1)(b) of the Merger Regulation 
joint control over the whole of Tunstall Group Holdings Limited (“Tunstall”, United 
Kingdom) , controlled by Charterhouse Capital Partners VIII LLP (Charterhouse 
Capital,  United Kingdom ) by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 for M&G Investment Management : provision of investment managing services, 
including personal equity plans, individual savings accounts and investment 
trusts. M&G Group is a savings and investment company offering solutions to 
retail and institutional clients and managing life savings a nd retirement plans.  
 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Communi ty’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 211, 25.06.2020 , p. 13. 

2  for Baring Asset Management : management of equities, real estate debt and 
equity, private debt and fixed income portfolios. MassMutual Group is a mutual 
life insurance company offering a range of financial products such as life 
insurance and long term care insurance.  
 for Tunstall: pr ovider of software solutions and technology for the telecare and 
telehealth markets. Charterhouse Capital is a private equity fund providing 
investment advisory services.  
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5(b) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .