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ING sells Malaysia fund manager to investment firm Kenanga

Published on Dec 21, 2012 4:30 PM
 
The exterior of the ING group building is seen in Amsterdam on Nov 7, 2012. Dutch bank and insurance group ING said on Friday it agreed to sell its Malaysian investment management business to Kenanga Investors, a unit of K&N Kenanga Holdings. -- PHOTO:  REUTERS

AMSTERDAM (REUTERS) - Dutch bank and insurance group ING said on Friday it agreed to sell its Malaysian investment management business to Kenanga Investors, a unit of K&N Kenanga Holdings.

No financial details were given, but ING said the sale of its 70 per cent stake would have no material impact on its results.

ING's joint-venture partner Tab Inter-Asia Services also agreed to sell its 30 per cent stake to Kenanga.

ING said its Malaysian fund management business managed about 500 million euros (S$807 million) of assets for third parties.