SWITZERLAND/ NETHERLANDS - Altis Investment Management, the Swiss-based fiduciary manager affiliated to Cardano, has been bought by ING Investment Management for an undisclosed sum.

ING IM will merge Altis into its fiduciary management business, the company announced today.

A spokesman told IPE ING had been in talks with Altis for a number of months, adding it was interested in Altis' multi-management proposition.

"The addition of Altis to ING IM offers a transparent bottom-up manager selection process, sophisticated portfolio construction tools and risk management," ING said in a statement.

The transition of Altis to ING is subject to advice from the works council and is expected to be completed before the end of 2008.

ING IM has established fiduciary solutions relationships this year with, among others, Pension Fund ‘Social and Economic Council of the Netherlands (SER) and Public authorities', Will Niemeijer Pension Fund (Stichting Pensioenfonds Will Niemeijer) and TVM.

Altis' partners are Dutch risk manager Cardano, which recently opened an office in London, led by Theo Kocken.

Cardano announced earlier this year its new UK business would use Altis, based in Zug, for manager selection.

Altis currently manages €11bn under advice.

If you have any comments you would like to add to this or any other story, contact Carolyn Bandel on +44 (0)20 7261 4622 or email carolyn.bandel@ipe.com