GLOBAL – ING says it will place the five billion dollars (four billion euros) it plans to pull from Janus Capital Group with other US-based investment managers.

Janus had said in July that an unnamed client planned to withdraw the assets from its mutual funds by year-end. ING has now confirmed a story in the Wall Street Journal naming its ING US Financial Services arm as the client.

“Yes, it’s correct,” said a spokeswoman for ING in the Netherlands. She said the decision was due to ING’s policy of continuous review. She said the assets would be placed with other US investment managers, which she declined to name.

A Janus spokesman said the assets do not include client assets held in Europe – adding that Janus funds have shown good performance recently.

On July 30 Denver-based Janus said that it has been informed that the client intends to redeem the funds subject to approval by the client’s board of directors in early August.

The sum represented 3.7% of the 135 billion dollars Janus says it had under management as at the end of June.

“We appreciate the loyalty of our clients during the past bear market,” said Janus chief executive Steve Scheid at the time.

The firm was one of the highest-profile of a number of firms caught up in the US mutual fund market timing investigation. The affair claimed the scalp of chief executive Mark Whiston in April.

Meanwhile Janus also said today that it has settled with the Attorneys General of New York and Colorado as well as the Securities and Exchange Commission relating to the issue.

It said: “The monetary amounts and other terms of the final settlements are consistent with Janus’ previously announced agreements in principle with state regulators and the SEC staff. Janus has now finalized those agreements.”

“I want to thank our fund holders and employees who have remained loyal to Janus during a difficult time,” said chief executive Steve Scheid.