ING sells Malaysia fund manager to investment firm Kenanga
Published on Dec 21, 2012 4:30 PM
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.