ING Group will merge two of its entities, Aeltus Investment Management and ING Furman Selz Asset Management, into a new institutional investment management firm to be called ING Aeltus Group.
Aeltus Investment Management became part of ING when it acquired Aetna Financial Services last year. 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. ING Furman Selz specializes in alternative investments and managed accounts, in which it manages about $30 billion.