ING Investment Management Americas
] is making a move into the high networth end of the asset management market through the buyout of a firm manned by veterens of Scudder. The Atlanta-based unit of ING Group said that is is buying New York City-based Delta Capital Management
. The principals of Delta Capital will continue to work for ING Investment. Further details of the deal were not released.
Delta claims about $275 million in assets under management, primarily in large-cap, value portfolios. Its clients are institutional investors and high-net-worth individuals. The firm was founded in 1998 by William F. Coughlin
and a team of portfolio managers who had worked together at both Scudder Kemper Investments and Dreman Value Advisors.
Rick Nelson, chief investment officer of ING Investment Management Americas will oversee the Delta portfolio management team which includes Coughlin and partners Jonathan Kay, Anthony Cavlov and Michael Hemberger. The managers will continue to act as portfolio managers on the firm's institutional and mutual fund investment teams, said the ING.
, chairman and chief executive officer of ING Investment Management Americas (formerly a part of Aetna) said that the "well-defined investment process and proven track record" of the team were key factors in the purchase.
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