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Malaysian Fund To Own ING's Local Investment Management JV
ING, the Dutch banking, investment and insurance firm, has transferred the majority ownership of its Malaysian investment management business to a local company.
By the first quarter of 2013, Kenanga Investors Berhad, a wholly-owned subsidiary of K&N Kenanga Holdings Berhad, will own the 70 per cent stake ING holds in ING Funds Berhad, its Malaysian investment arm. Tab Inter-Asia Services, ING's joint venture partner, has also agreed to let go of its 30 per cent stake to Kenanga.
IFB is one of the largest fund management houses in Malaysia, the firm said, managing approximately €500 million ($660 million) in assets for third parties. Kenanga Investors is a Malaysian multi-style investment house that caters to retail and institutional clients.
The sale, which is still subject to regulatory approvals, will not have a material impact on ING's results.
