ING, the Dutch financial services group, is in advanced talks to sell Baring Asset Management to Massachusetts Mutual and Northern Trust Global Investments, according to investment banking sources.

Mass Mutual, a US based asset management and insurance group, is said to be buying Baring's investment business and Northern Trust of the US, a custody and asset management firm, has expressed interest in its fund administration businesses, according to the bankers. The businesses could fetch a total of £300m (€428.3m).