ING Group has merged asset managers Aeltus Investment Management and ING Furman Selz Asset Management into one company, ING Aeltus Group.
The new organisation will have over $60bn in assets under management, and will provide a range of traditional and alternative investment products aimed at US institutional and high-net-worth investors.
Edmund Hajim, chairman and chief executive of ING Furman Selz, will be chairman and chief executive of the new firm. J. Scott Fox will remain president of Aeltus and will also be on the operating committee of the new organisation. The total number of employees at ING Aeltus Group will be approximately 600.
ING Aeltus Group will consist of five sectors. Aeltus Investment Management, the new firm’s largest division, will act as the US manager of stocks and bonds for institutional investors and mutual funds. The managed accounts group will offer a complete line of separate account products for distribution through the major wire houses and regional brokers.
Hedge funds will also be offered, ranging from aggressive growth through market neutral, as well as a series of hedge fund-of-funds products designed for broad distribution through ING Aeltus' and ING Group's channels.
Additionally, structured products and private equity will be catered for. The private equity division will offer the ING Furman Selz funds and venture capital.
By Geoffrey Ho
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.