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ING To Sell Delta To Berkeley

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NU Online News Service, Oct. 21, 2004, 3:05 p.m. EDT

ING Investment Management has agreed to sell its Delta Asset Management division to Berkeley Capital Management LLC.[@@]

The sale would allow ING to focus on its equity management business in New York, where it is headquartered, according to ING Investment Management chairman and chief executive officer Bob Crispin. His company is a division of ING Group N.V., the Netherlands.

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Delta, with approximately $4 billion of institutional assets under management, is located Los Angeles, and Berkeley is in San Francisco.

The sale is expected to close before year end.