ING Groep, the Dutch financial services firm, is selling its wealth management and securities brokerage business in Taiwan to Far Eastern International Bank for an undisclosed amount. 

The company said in a statement it is shifting its local focus to mutual funds, where it has T$156.5 billion ($5.2 billion) in client assets under management. At a recent media briefing, Ashwin Mehta, chief executive of ING's fund arm, was quoted as saying that wealth management and brokerage "do not fit into ING's global strategy."

ING is one of the largest fund managers in Taiwan following its acquisition of ABN AMRO Asset Management Taiwan in 2006.

The sale is expected to close in December 2011 and will likely result in the moving of around 70 ING staff to their new employer.