ING chalks up asset management business expansion plans

Mumbai, Apr 11 (UNI) ING Investment Management (India) Private Limited (ING IM), the asset management company for the schemes of ING Vysya Mutual Fund, has chalked up expansion plans in the Indian asset management space by leveraging a new strong local partner in Hathway Investments Private Limited (Hathway), a company owned by Rajan Raheja Group (RR Group).

The change in shareholding also includes Hathway's acquisition of ING Vysya Bank's shareholding in the Company. Upon completion of the restructuring, ING will own 42.5 per cent, Hathway 39 per cent and the existing Indian shareholder, Kirti Equities, will retain its 18.5 per cent shareholding. ING Vysya Mutual Fund will be re-branded as ING Mutual Fund. ING IM will continue to be managed by ING in accordance with its international procedures processes, and protocols.

Mike Ferrer, ING IM's Regional General Manager, told UNI here, ''The decision to partner with the RR Group follows the establishment of the relationship with ING Vysya Life. The management of RR Group has significantly contributed to the growth of the life insurance business and we envisage similar support for the growth plans of ING Vysya Mutual Fund.'' The RR Group is a leading diversified conglomerate with interests in a range of industries including automotive and industrial batteries, real estate development, ceramic tiles, cement, ready-mixed concrete, retailing, cable television, publishing, petrochemicals and software.

UNI