ING Direct 2007 Annual Report Download - page 29

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Solid growth at ING Real Estate
It was another strong year for ING Real
Estate, with assets under management
increasing by 10%, our loan portfolio
growing by 42% and our development
portfolio expanding by 17%. The total
business portfolio increased to EUR 107.2
billion, up 18% on 2006, and profi t before
tax increased to EUR 664 million, up 5.2%.
After a sustained period of double-digit
returns from real estate, 2007 marked a
turning point in the market, with returns
from core real estate slowing.
The investment management product
range was expanded to incorporate
value-added and opportunistic investment
strategies. Performance and customer
service remained a central theme. A strong
track-record of out-performance continued
and 11 new real estate funds were
launched. In terms of real estate lending it
was a strong year, with our loan portfolio
expanding, income increasing and very low
risk costs. There was further international
diversifi cation, while maintaining market
leadership in the Netherlands. Development
activities remained focused on Europe and
our position as a leading area developer
was strengthened, with progress made on
major regeneration and inner city projects
in Amsterdam, Hamburg and Hull.
ING Private Banking builds on success
ING Private Banking posted an 8.7%
increase in underlying profi t before tax
to EUR 263 million, driven by our strong
growth in assets under management,
especially in Asia.
We grew rapidly in 2007 with growth in
all regions. Our aim over the next fi ve years
is to become a global top-20 player
through enhanced brand awareness,
customer loyalty and innovative new
investments platforms.
ING Investment Management (ING IM)
demonstrated in 2007 how, by skillfully
leveraging the expertise of its investment
professionals across Europe, the Americas
and Asia/Pacifi c, it can develop attractive,
innovative funds for investors.
The ING Asia Pacifi c High Dividend Equity
Income Fund (NYSE IAE) was launched in
the US in March and was the fi rst broadly
diversifi ed Asia Pacifi c closed-end fund to
focus on high dividend-yielding equities.
The equity portion of the fund is managed
by ING IM’s Asia/Pacifi c equity team, the
options strategy managed by the Structured
Products team located in Europe, while the
product was constructed and distributed in
the US.
Leveraging
global expertise
27
ING Group Annual Review 2007