Once a monster in the banking industry, Barings was put kneeling on February 26, 1995 from the hands of one man, Nick Leeson who lost $ 1.4 billion speculating on SIMEX (Singapore International Monetary Exchange), mainly using futures contracts. After the collapse, Barings was bought by Danish financial company ING for $ 1 pound, taking on all her debts, Barings longer having an independent existence as a corporation. Her name has survived a period as Baring Asset Management but BAM was divided and sold by Mutual and ING by Northern Trust in March 2005.