ING Completes Acquisition of US Financial Planning Business

Tom Burroughes

2 July 2008

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. The financial value of the transaction was not disclosed.

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.