Hathway acquires stake in Ing Mutual Fund

11 April 2007

Hathway Investments has acquired a 39 per cent stake in Ing Vysya Bank's Ing Mutual Fund (IMF) for an undisclosed sum, according to recent reports.

Under the terms of the deal Kirti Equities will now hold an 18.5 per cent stake, whilst Ing retain a 42.5 per cent share in the fund which manages assets of $84 million.

News of the acquisition for Hathway's parent company Rajan Raheja Group comes after Ing Mutual Fund reported losses of $0.49 per share for 2006, leading analysts to speculate that the Indian company may have paid well under the odds for IMF.

Commenting on the deal, Mike Ferrer, regional general manager of Ing Investment Management, told the Economic Times: "The management of Raheja group has significantly contributed to the growth of the life insurance business and we envisage similar support for the growth plans of ING MF."

Rajan Raheja has an annual turnover of $1.6 billion and employs 17,000 staff.

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