INGIM divestment on track
ING Group is aiming to complete a divestment of its global insurance and wealth management divisions by way of two major initial public offerings (IPOs) late this year or early in 2012.
A spokesperson from ING Investment Management Australia told Money Management that as a result of arrangements the Dutch financial services company made with the Dutch government following on from the global financial crisis, ING Group would be separating its banking business from its insurance and wealth management businesses globally.
The preferred model at this stage is for two major IPOs, one for the US-based insurance and asset management business and one for the European and Asian business (which encompasses INGIM Australia and OptiMix).
There is currently work going to create two separate organisations working at arm’s length, most of which is in place, and the next phase is preparing for the IPOs, INGIM stated.
The aim is to be ready to proceed with the transactions when market conditions are favourable, INGIM stated.
Recommended for you
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
Two investment advisory research houses have announced a merger to form a combined entity under the name Delta Portfolios.
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
