NETHERLANDS – ING’s institutional assets under management have slipped 2.6% - although total assets under management have risen by 3.1%.

The figures came as the bank said asset management’s functional pre-tax profit rose 64% to 431 million euros from 263 million euros. The unit’s contribution to overall group profit rose to seven percent from six percent.

ING said institutional assets were to 125.6 billion euros at the end of 2003, compared to 128.9 billion euros a year earlier. Total AUM were up to 462.7 billion euros from 449.0 billion euros.

Private client assets were up 18.6% at 187.9 billion euros and third parties was up 8.1% at 313.5 billion euros.

When divided by region, total European AUM showed a 7.4% rise to 252.6 billion euros.

Total AUM was hit by adverse currency movements which accounted for 38 billion-euros. There were 11 billion euros of net inflows and 32 billion euros of revaluations.

ING reported that its overall fourth-quarter net income rose 12% to 1.04 billion euros from 922 million euros a year earlier.

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