ING Group said it has completed its acquisition of CitiStreet LLC, one of the largest retirement plan and benefit service and administration organizations in the U.S. The deal also includes CitiStreet’s Australian operations. The transaction closed in approximately 60 days from signing, reflecting the complementary nature of the two organizations, ING said.
Tom McInerney, ING Executive Board member and CEO for ING Insurance Americas said, “We are thrilled to reach this significant milestone, and officially welcome CitiStreet employees, clients, and other business partners to ING. This acquisition is another demonstration of ING’s focused strategy to support the organic growth of the Group with strategic, bolt-on acquisitions aligned with its core banking, investments, life insurance, and retirement services growth businesses.”
ING’s U.S. Wealth Management business has a leadership position in a wide range of businesses, including defined contribution retirement plans, defined benefit pension plans, fixed and variable annuities, retirement income solutions, managed accounts, financial planning, retirement plan rollovers, stable value programs, as well as a health and welfare operation.
In aggregate, the combined ING US Wealth Management and CitiStreet businesses, which includes CitiStreet’s Australian operations, has more than $408 billion in combined AUM and AUA and more than 16 million customers (as of March 31, 2008).
“We have all the characteristics of an undisputed market leader: scale in our market segments, an outstanding technology platform, innovative products, strong distribution relationships, and a powerful global brand. In addition, what truly differentiates ING and will allow us to further grow the business is our committed focus on our customers, and helping them successfully prepare for their retirement. ING is one of the few retirement services companies that has a scaled leadership presence in the small-, mid- and large-corporate, education, and government and health care markets, which allows us to design and implement retirement and benefit solutions for any plan sponsor we encounter," said Kathleen Murphy, CEO, ING US Wealth.