ING Investment Management to Sell Delta Asset Management Division to Berkeley Capital Management
ING Investment Management, part of Amsterdam-based ING Group, has signed a definitive agreement to sell its Los Angeles-based Delta Asset Management division with approximately $4 billion of institutional assets under management to Berkeley Capital Management LLC. The sale is contingent upon certain conditions and is expected to close prior to year-end.
ING Investment Management Chairman and Chief Executive Officer Bob Crispin said, "We are very pleased with this transaction. The decision to find a new partner for Delta was made in order to ensure a continued strategic focus of ING Investment Management’s resources on building our equity investment management capabilities in New York and Berkeley provides Delta the opportunity to grow its West Coast based business."
The combination of Berkeley and Delta will employ 30 people and manage assets in excess of $5 billion serving primarily the managed account and institutional marketplaces. Delta’s operations will remain in Los Angeles as part of the new Delta division of Berkeley Capital Management, and all Delta employees will continue in their current roles.
"We are pleased to be joining Berkeley," said Robert U. Sandroni, senior managing director at Delta and who will become vice chairman of Berkeley. "Our objectives for the business are compatible with those of our new partners, together with our continued investment approach and culture ensures that our clients will be well served by this combination."
About ING Investment Management
ING Investment Management Americas has over $160 billion in assets under management through its investment operations in New York, Atlanta, Hartford, Minneapolis, and Scottsdale, as well as Canada, Mexico and South America. ING Investment Management Americas’ investment strategies comprise all major asset classes and most investment styles in five business segments: institutional investments; mutual funds sub-advisory; managed accounts; alternative assets; and, proprietary ING insurance company accounts.
ING Investment Management is a global organization with over $360 billion in assets under management in 26 countries. Its broad array of investment strategies combined with ING Group’s distribution capabilities across retail and institutional channels enables the organization to offer investment management solutions to its clients, both in the U.S. and globally.
ING Group is a global financial institution of Dutch origin offering banking, insurance and asset management to more than 60 million private, corporate and institutional clients in more than 50 countries. With a diverse workforce of more than 112,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.
In the U.S., ING offers a comprehensive array of financial services to retail and institutional clients that includes retirement plans, mutual funds, managed accounts, alternative investments, direct banking, institutional investment management, annuities, life insurance, employee benefits, financial planning, and reinsurance. Currently, ING holds top-tier rankings in key U.S. markets and serves more than 14 million customers across the nation. For more information, visit www.ing.com.
Christina Divigard, 860.723.2293
Cindy Schaus, 515.698.7607