The acquisition was financed entirely from existing internal resources and will be booked in the third quarter. ING received final regulatory approval 60 days after the May 2 announcement of the deal, which closed last Tuesday.
At the end of the first quarter, the ING US Wealth Management and CitiStreet businesses, which includes CitiStreets Australian operations, had more than $408 billion of assets under management and administration and more than 16 million customers.
Sandy McCarthy, who was the president of CitiStreet, of Quincy, Mass., now has that title with ING U.S. Wealth Management's institutional plan services arm.
ING is now the third-largest defined contribution business in the United States by assets under management and administration, with more than $300 billion. It is No. 2 by number of plan participants (approximately 9.8 million) and has the largest based of plans, approximately 60,000.