ING Asia Pacific fund forecasts strong growth
ING Groep NV’s Asia Pacific fund arm expects sales of products tailored to its 13 regional markets to drive double-digit returns for the next three to five years, according to chief executive Christopher Ryan.
Speaking at the Reuters Wealth Management Summit in Hong Kong yesterday, Ryan said ING Investment Management Asia Pacific, which manages more than $100 billion, expected the double-digit growth in new assets and revenues it had seen since the start of the decade. He said the division is also interested in making new acquisitions in these markets.
“Having the broad footprint and being local — local funds for local people — is what’s critical in this phase of growth,” he said.
Ryan, a Hong Kong-based Australian, went on to say that the division would be most interested in buying in a market where it is not yet in the top five but could get there by way of acquisition.
“We want to be in the top five in each country that we’re in. That’s our longer-term objective. We think that’s the way you’ve got to play.
“Assets under management actually aren’t what are important (in potential acquisitions). It’s the business mix and the strength of the distribution.”
ING’s Asia Pacific fund arm operates in Australia, Japan, South Korea, Taiwan, Hong Kong, China, Singapore, India, Thailand, the Philippines, Malaysia, New Zealand and Dubai.
The firm has a significant presence in the high-growth Chinese market through its 33.3 per cent stake in Shenzhen-based China Merchant Funds. However, Ryan said he expected smaller markets, such as Malaysia and Thailand, to also help drive results.
“These are markets that a lot of people have ignored, but they’re good markets for ING.”
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
