NETHERLANDS - ING Real Estate’s three Dutch funds have realised returns of up to 21% during 2006.

The best performer was the €1.7bn Dutch Retail Funds, which yielded 20.5%-21.1%, according to ING. Dutch Office Funds, with assets under management of almost €1.7bn, returned 13.4%-13.8%.

"These results were driven by strong revaluations which reflect both the improved market fundamentals and the intensive asset management programme," ING Real Estate explained.

Dutch Residential Funds yielded 10.4%, down from 13.2% in 2005.

According to ING Real Estate, investors have contributed a further €400m of equity to the funds in addition.

Meanwhile, ING Real Estate has appointed Jan Vermaas in the new position as head of European Non-Listed Funds. He will be responsible for the overall management, performance and profitability of the non-listed European funds, managed by the company’s investment management division.

Vermaas, 47, has been working for ING Real Estate since 1987. He previously was country investment manager in the Netherlands, as well as fund manager of ING Dutch Office Fund and ING Dutch Retail Fund.

ING Real Estate named Hans Copier as Vermaas’ successor. Copier, 49, has been member of the board of directors of Dutch property developer Giesbers Group, being responsible for project and area development.

Elsewhere, ING Real Estate’s parent company ING Bank, will be fined €1.2m by the UK Financial Services Authority for a major breakdown in systems and controls at Williams de Brœ, its former stockbroking arm, which resulted in a black hole of over €76m, The Sunday Telegraph reported.

"But ING will receive a discount of 30% in recognition of the speed with which it notified the City watchdog after discovering the irregularities, which occurred between December 2001 and May 2005, and its assistance with the investigation," the paper reported.

ING Real Estate has a total business portfolio of over €79bn, and offices in 21 countries.