Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:ING Funds' Parent Preps a $100MM IPO Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, November 12, 2012

ING Funds' Parent Preps a $100MM IPO

News summary by MFWire's editors

ING U.S. is getting set to go public.

On Friday, the U.S. arm of the Dutch financial services giant filed its S-1 for an IPO, underwritten by Morgan Stanley and Goldman Sachs, and the press reports have followed, including Reuters, the Wall Street Journal, and Bloomberg Businessweek. [Filing here; report on our sister publication the 401kWire is here.

The U.S. arm of ING comprises the firm's investment management and mutual fund business, its retirement plan services, and its insurance operations. The 2008 bailout of ING by the Dutch government requires that the bank divest itself of some of its businesses, and the S-1 targets a sale price of up to $100 million.

ING U.S.'s investment management unit holds $166.1 billion in AUM, according to the S-1, and that business generated $64 million in operating income in the first half of 2012. ING U.S. is also the second-largest retirement plan administrator in the U.S., with $293.794 billion in assets. Its total assets under management and administration across all U.S businesses is $445.3 billion, and it reported a profit of $129.2 million in the first six months of the year.

The WSJ story digs in to the losses the firm suffered during the financial crisis, largely stemming from lifetime-income guarantees. These guarantees generated $3.2 billion of pretax losses in 2009, the story notes.

Reuters notes that the firm intends to rebrand itself after its IPO. 

Edited by: Chris Cumming


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q4Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use