NETHERLANDS - Dutch financial services group ING today reported an inflow of nearly €44bn of assets under management in 2006, while ING chief financial officer Cees Maas announced his retirement.
Presenting its full-year results today, ING said it had seen an inflow of €43.8bn in 2006, bringing its entire assets under management to €600bn at year-end.
Assets managed for institutional clients such as pension funds grew from €107.6bn in the third quarter of 2006 to €118.3bn as at December 31 last.
Simultaneously, ING Group announced changes to its executive board as Cees Maas, vice-chairman and chief financial officer (CFO), will retire on April 24, at the company's annual general meeting.
Maas, who served as CFO for over 10 years, will be replaced by his Canadian deputy, John Hele.
ING's full year net profit increased with 6.7% to €7.69bn, or €3.57 per share. This profit increase exceeded analysts' expectations, according to media reactions.