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
The corporate regulator has cancelled the AFSL of a Perth advice firm with the firm having previously seen its licence temporarily suspended in 2020.
Private equity giant TA Associates has made a strategic investment of an undisclosed sum into a major Australian wealth and investment player.
Shaw and Partners chief executive, Earl Evans, has said the firm is seeking to double the assets under management at its latest New Zealand acquisition ISG, having made the “left field” decision to embark on overseas M&A.
Advice licensee Count has seen an appeal filed to a class action against it which was dismissed earlier this year.
