ING Funds has selected the Bank of New York to provide fund accounting, custody, securities lending and foreign exchange services for the ING Funds, comprising approximately $40 billion of mutual fund assets. The assets represent those of ING Funds and its affiliated fund complexes, including the former Pilgrim and Aetna Funds, as well as various variable annuity portfolios.
Michael Roland, executive vice president and chief financial officer of ING Funds, said, "ING Funds conducted an RFP [request for proposal] process late last summer. After a wide-ranging search for a servicing partner for all of our portfolios, we found the Bank of New York to have high quality technology, experienced and knowledgeable personnel and a flexible service structure that works well with our expanding mutual fund business. We are confident that they have the expertise to continuously add value for us as we grow our business."