ING Closes on Pilgrim
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Wednesday, September 06, 2000

ING Closes on Pilgrim

ING has begun to digest its acquisition of Pilgrim Capital. The firm said that it will move responsibility for marketing, customer service and administration of its ING Fund group to Pilgrim's Phoenix facilities by this November. The companies also announced that Pilgrim will be renamed to ING Pilgrim but that individual funds in the group will retain their current name for now.

Bob Boulware, president and chief executive officer of Pilgrim Securities, is now heading mutual funds sales for both fund families ING Funds and Pilgrim Funds. The combined wholesaling sales force will sell both the ING Pilgrim and ING Fund families.

ING picked up Pilgrim Capital as a part of its acquisition of ReliaStar Financial Corp. and its family of companies on September 1.

ING also said that it has begun to integrate ING Funds' operation in West Chester, Pa., with the Pilgrim operations in Phoenix. The firm plans to expand its Phoenix operation by transitioning management responsibilities currently associated with its West Chester operations to Phoenix.

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