ING Investment Management leaves Hungary

ING Investment Management, which was the third-largest on the Hungarian market in 2010 with HUF 1.2 trillion worth of funds managed, is winding up its local operation. The fund management company’s foreign owner decided to cease operation of the Hungarian unit as of July 2014.

According to the financial website Portfolio.hu, ING Investment Management’s duties will be taken over by ING’s insurance arm and its foreign asset managers. The call was made primarily due to unfavorable sectoral conditions and an uncertain legal environment, including an obligation to pay HUF 300 million as bank tax.

The exit is not to exert a major impact on customers, as the company simply wants to continue asset management activities in Hungary in a different form. According to reports, the restructuring is to take place independently of the global restructuring at ING Group.