ING Asset Management combines activities in the United States

ING Asset Management announced today it is combining parts of its United StatesÂ' asset management businesses. As a result, ING Aeltus Group will become part of the global asset management organisation of ING Investment Management (IIM).

The combined organisation, called ING Investment Management US, will consist of four divisions:

* ING Investment ManagementÂ's existing unit, based in Atlanta and Minneapolis, will provide investment services to ING insurance affiliates and other institutions in the US. Robert W. Crispin will continue to lead this organisation in addition to his leadership responsibilities for IIM in Canada, Mexico, Brazil and Chile.

* Aeltus Investment Management, based in Hartford, will provide investment management services for institutional clients and subadvised mutual funds. J. Scott Fox will continue to lead this organisation.

* ING Managed Accounts and Furman Selz Capital Management, based in New York, will offer a complete line of separate account disciplines through major wire houses, regional broker dealers and third party sponsors. Mike Delfino will lead this organisation.

* ING Alternative Assets (formerly ING Furman Selz Asset Management), based in New York, will manage hedge funds, private equity funds, and structured products (including high yield investments) that will be distributed through IIMÂ's broad institutional network and private banking access. Paul Gyra will lead this organisation.

Aeltus Investment Management, ING Managed Accounts and ING Alternative Assets are former divisions of ING Aeltus Group. ING Investment Management US will report to Tom Balachowski, Chairman of ING Investment Management. Edmund A. Hajim, current chairman and CEO of ING Aeltus Group and ING Furman Selz Asset Management, will retire from the company this summer.

According to Alexander Rinnooy Kan, Executive Board Member of ING Group and Chairman of ING Asset Management, the integration will create several synergy opportunities: 'By combining these four US businesses into ING Investment ManagementÂ's worldwide organisation, we create a truly global and powerful investment, marketing and service organisation. Clients around the world will benefit from broader asset management expertise, enhanced service capabilities and greater breadth of products and services.'

ING Investment Management is based in The Hague. IIM is a division of Amsterdam-based ING Group. With the addition of ING Aeltus GroupÂ's assets, IIMÂ's global investment management business will collectively manage more than USD 300 billion in assets in 26 countries. In the United States alone, IIM will manage assets of over USD 100 billion. Total assets under management of ING Group amount to EUR 513 billion (USD 454 billion) at year-end 2001.

(source: ING Asset Management)

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