ING Group of New York announced yesterday that it will merge two of its entities, Aeltus Investment Management of Hartford, Conn. and ING Furman Selz Asset Management of New York, into a new institutional investment management firm called ING Aeltus Group.

Aeltus Investment Management became part of ING when it acquired Aetna Financial Services of Hartford, Conn. last year, according to the company. Aeltus manages more than $40 billion in pension fund, endowment and foundation assets. The unit also manages the Aetna family of mutual funds, which are offered primarily through ING Aetna Financial Services retirement plan products, according to ING. ING Furman Selz specializes in alternative investments and managed accounts, in which it manages about $30 billion.

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