Dutch financial group ING has reached agreement with Morgan Stanley and the other stakeholders for the takeover of Korean asset manager Landmark Investment Management. The financial details of the transaction was not disclosed but ING said it will increase the debt/equity ratio of ING Insurance by 65 basis points.
Dutch financial group ING has reached agreement with Morgan Stanley and the other stakeholders for the takeover of Korean asset manager Landmark Investment Management. The financial details of the transaction was not disclosed but ING said it will increase the debt/equity ratio of ING Insurance by 65 basis points.
Landmark is the 12th-largest asset manager in Korea with approximately EUR 7 bn in assets under management. ING intends to integrate Landmark, subject to regulatory approval, with its recently established asset management business, ING Investment Management Korea. 'The acquisition will position ING among the top ten asset managers in the market, with combined assets under management of over EUR 10 bn and a market share of 3.7%,' ING said in a statement.
ING's Real Estate Investment Management unit is one of the largest real estate companies in the world, with over EUR 70 bn of investments.
