Dutch financial group ING announced recently that it is considering offering mutual funds through its online channel, ING Direct. Executive vice-president of retail banking at ING Bank, Brian Myres, has indicated that once customer consultations have taken place, in order to gauge exactly what is required from an online offering, ING will probably roll out an internet mutual fund some time this year.
The firm will be aiming for simplicity in the products offered, and is said to be looking at a few large cap, growth, and small cap funds, as well as an index based product. Mr Myres explained that there would need to be a large volume of customers in order to make an online fund offering viable in terms of competitive pricing, and that as a result: 'The firm is not looking for a ton of mutual funds, just some easy to invest in type of funds - not unlike our banking products.'
This latest move comes hot on the heels of the group's recent launch of online offerings for its main banking products, and seems to be in keeping with ING's new policy of consolidation and development. The emphasis for 2001 was made clear in an internal newsletter, which stated that the financial group is focussing on getting the most out of current businesses, rather than making any further large acquisitions. ING is already the third largest financial institution in Europe, and in 2000, spent $11 billion on the purchase of US insurer ReliaStar and Aetna's financial services and institutional operations.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment