ING Direct 2002 Annual Report Download - page 46

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Annual Report 2002 · ING Group 43
Asset Management
top-performing mutual funds through ING’s
distribution channel therefore is key for the
success of ING’s asset management business.
Thus, an integrated financial product offering at
retail customer level was a logical next step.
With ING Investment Management
integrated into the three regional Executive
Centres, it was decided to discontinue ING Asset
Management as a separate profit reporting unit
as of 1 January 2003. A global asset management
platform at Group level has been established to
co-ordinate ING’s asset management strategy
and operations. In addition, a Global ING Invest-
ment Management Board has been set up to
preserve the efficiency of a global manufacturing
platform and to ensure global consistency of the
investment strategies adopted in each region.
ING Asset Management continues to pursue
synergies and cost reductions across its business
units by integrating or outsourcing back-office
processes and by gradually reducing overlaps in
product offerings in cases where there is no
direct added value. For example, ING Investment
Management appointed Bank of New York as its
global custodian, thereby achieving better service
at lower cost.
Across its business units, ING Asset
Management continues to strengthen its risk
management infrastructure and investment
management processes. In 2002, ING Investment
Management became one of the first asset
managers in the Benelux to comply with GIPS
(Global Investment Performance Standards),
greatly enhancing its position in the institutional
market.
Institutional asset management
ING Investment Management (EUR 341 billion in
assets under management as at end of 2002)
and Baring Asset Management (EUR 31 billion in
assets under management as at end of 2002)
offer active money management services to
institutional investors. Institutional assets under
management amounted to EUR 103 billion,
which makes ING one of the larger third-party
money managers in the world with strong
market positions in Asia, Benelux, Germany,
United Kingdom and the United States.
 

Within the Executive Board
Alexander Rinnooy Kan was
responsible for the
realisation of ING’s new
headquarters. ING House was
designed by Meyer and Van
Schooten Architects and
developed by ING Real Estate
in a joint venture with
Blauwhoed.
The upper three floors of
ING House are also connected
by stairs between the outer
and inner glass façade.
From left to right Roberto
Meyer, Jan Doets (general
manager ING Real Estate),
Alexander Rinnooy Kan
and Jeroen van Schooten.
NUMBER OF STAFF
full-time equivalents, year-end
5,200
ING Asset Management 4%
110,600
Rest of ING 96%