M and A
ING Completes Acquisition of US Financial Planning Business
The Dutch financial conglomerate
ING said it has received final regulatory approval to let it
complete its acquisition of CitiStreet, the
US retirement plan and benefit service and administration
organisation, which includes CitiStreet's Australian operations.
ING's
US wealth management business operates in a wide range of
businesses, including defined contribution retirement plans,
defined benefit pension plans, fixed and variable annuities,
retirement income solutions, managed accounts, financial
planning, retirement plan rollovers, stable value programmes, as
well as a health and welfare operation.
In aggregate, the combined ING US Wealth Management and
CitiStreet businesses, which includes CitiStreet's Australian
operations, has more than $408 billion in combined assets under
management and more than 16 million customers, as of
31 March 2008.
