Another ho-hum Friday just got a lot more interesting in the mutual fund world.
That’s because ING US, a wholly owned subsidiary of ING Group, filed today with the Securities and Exchange Commission to raise up to $100 million in an initial public offering.
Morgan Stanley and Goldman Sachs are the joint bookrunners on the deal. No pricing terms were disclosed.
ING’s business units include retirement, investment and insurance division. The firm reported retail mutual fund portfolio assets totaled $18.6 billion as of December 2011.
“On a five-year asset-weighted basis, 77% of our mutual funds beat their Morningstar category average and 80% had lower volatility than their Morningstar competitor average as of December 31, 2011,” according to a statement from the firm.
On the retirement front, ING boasts 49,000 plan sponsor clients covering approximately 5.3 million plan participants in corporate, education, healthcare and government markets. “We rank second in the U.S. defined contribution plan market by number of record kept plan sponsors and number of plan participants served, and fourth by assets under management and administration at December 31, 2011,” according to the filing.
“We also rank second in the K-12 education market and fourth in the higher education market by assets at December 31, 2011.”
ING’s retirement unit had $287.7 billion of assets under management and administration at December 31, 2011, of which $71.8 billion was full service business, $213.8 billion was recordkeeping and stable value business and $2.1 billion was in its Individual Markets business.
ING Groep NV, was ordered by the European Union to sell insurance operations, its U.S. online bank and a Dutch mortgage lender before the end of 2013 as a condition for approval of a 2008 bailout.