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Mutual funds
The volume of mutual funds managed by ING Group increased
significantly by 76% to end-2000, mainly reflecting the
acquisitions of ReliaStar and Aetna. The decline in value due to
lower share prices was offset by the inflow of new money.
New successful launches by ING Investment
Management (IIM) in 2000 were: the Protected Mix funds, the
Sustainable Investment Fund, the Financial Value Fund, the Dynamic
Mix funds, the Euro Small Caps fund and BBL New Technology Leaders,
listed in Luxembourg.
The mutual funds business of Baring Asset Management had an
outstanding year with a € 1.3 billion net inflow on a total of € 50
billion assets under management. ReliaStar's Pilgrim funds were
among the fastest growing in the US mutual fund market place. Total
assets under management of these funds amount to USD 19
billion.
Institutional clients
Assets under management for institutional clients increased by 27%
to € 155 billion. ING Real Estate, ING Furman Selz Asset Management
and IIM/BBL Asset Management were significant contributors to this
increase. The autonomous growth was 7%. The merger between IIM and
BBL ensured that ING is now well positioned to respond actively to
the major European developments in the area of pension plans.
Group companies
Almost 30% of all assets under management (AuM) comes from ING's
insurance companies. ING Investment Management's role is to act as
a full business partner for these companies. With the acquisitions
of ReliaStar (AuM: € 43 billion) and Aetna (AuM: € 85 billion) the
internal portfolio increased by 35%. The autonomous growth,
excluding the acquisitions, was 10%.
Specialised businesses
The business units of ING Asset Management provide, in addition to
the core activities, specialised activities in the field of real
estate, private equity, alternative assets, private banking and
trust services.
ING Real Estate, with assets under management of € 26 billion,
is one of the world's top five real-estate managers. Several new
funds were created in 2000. Examples include ING Retail Fund
Ibérica and the Lion Properties Fund, managed by Clarion in the
United States. Furthermore, it strengthened its position taking a
30% participation in the Spanish developer Promodeico.
Baring Private Equity Partners (BPEP) ended 2000 with three new
fund closings for Central Europe, Asia and the former Soviet Union,
breaking through € 2 billion funds.
Parcom Ventures invested in the buy-out sector and in a number
of start-up ICT companies in 2000. Parcom and IIM have committed to
invest in young companies in the biotechnology sector.
A major development for ING Furman Selz Asset Management was
the acquisition of a majority stake in the New York based private
equity firm Pomona Capital.
ING Baring Private Bank launched the new Privilege Managed
Funds Service for high net-worth individuals in the European market
in 2000. In Asia the bank is creating a regional private bank in
Singapore.
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