Asset management
Key points
- Total assets under management, which include ING Investment Management, ING Real Estate and ING Private Banking decreased by 14% to EUR 551.3 billion
- Investor confidence hit hard by the global financial crisis resulting in sharply lower net inflows
- ING Real Estate total business portfolio marginally lower
- ING Private Banking recorded net inflows
2008 proved to be a very challenging year for the asset management industry. Sharp falls in asset values and lower net inflows had a major impact on industry profitability. Client appetite for risk almost disappeared with alternative investments such as hedge funds and private equity hit hard, and with retail clients in particular seeking sanctuary in low-risk funds or those with guarantees. ING's investment management business was to a certain extent insulated from the global financial turmoil because of relatively stable inflows from ING's insurance, investment and pension businesses. ING Real Estate's total business portfolio was EUR 106 billion, marginally lower than 2007. Despite the market turmoil, ING Private Banking achieved net inflows.
