ING Spokesman Ward Snijders told Reuters that the company expects to benefit from the creation of ING Investment Management US through enhanced business opportunities and cost savings. Snijders said the company planned no immediate job cuts.
Under the new organization, ING Aeltus Group will be part of ING’s global investment management business. The global investment management unit will then have total managed assets of over $300 billion in 26 countries, according to Reuters.
In the United States, ING Investment Management will manage assets of more than $100 billion.
ING’s existing US investment management unit will provide investment services to ING insurance affiliates and other US clients, the company said.
Aeltus Investment Management will service institutional clients and mutual funds, while ING Managed Accounts and Furman Selz Capital Management will offer services through regional broker dealers and third-party sponsors.
ING Alternative Assets will manage hedge funds, private equity funds, and structured products such as high-yield investments.