Kenanga Investors has acquired 70% stake in ING’s Malaysian investment management business, ING Funds Berhad (IFB), for an undisclosed sum.
Originally inked on 21 December 2012, the transaction does not have a material impact on ING’s results and does not impact ING’s other businesses in the region.
IFB manages nearly €500m of assets for third parties across all traditional asset classes and has a multi-channel distribution network in the country.
Kenanga Investors operates as a multi-team and multi-style investment house and delivers investment services to retail and institutional clients.
A wholly owned subsidiary of K & N Kenanga Holdings, Kenanga Investors is listed on Bursa Malaysia, the Malaysian Stock Exchange in Kuala Lumpur.
ING is selling its direct banking businesses to streamline operations and repay the state aid it received during the 2008 financial crisis.
Based in Amsterdam, ING provides banking, investments, life insurance and retirement services, with operations mostly concentrated in China, Hong Kong, India, Japan, Malaysia, South Korea and Thailand.