Northern Trust And ING Group Seek Regulatory Approval For Planned Merger

by Robin Pilgrim, LawAndTax-News.com, London

30 November 2004

Northern Trust Corporation and ING Group N.V. (Netherlands) announced last week that agreement has been reached over Northern Trust's acquisition of Baring Asset Management’s Financial Services Group (FSG) for around £260 million (approximately $480 million).

FSG is the institutional fund administration, custody, and trust services arm of Baring Asset Management, a unit of ING Group.

The two groups are now seeking regulatory approval in the relevant countries.

The Baring Financial Services Group has approximately $63 billion in funds under administration, $28 billion in custody and $32 billion in trust assets as of September 30, 2004, and the acquisition of the FSG will complement Northern Trust’s existing fund services capabilities in London, Dublin and Luxembourg.

Speaking with regard to the pending merger, William A. Osborn, Chairman and Chief Executive Officer of Northern Trust Corporation obseved that:

“The scope of FSG’s business will significantly enhance and expand our global fund administration capabilities, as well as our growing hedge fund, private equity, and property administration capabilities.”

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