ING sells Malaysia fund manager to Kenanga

AMSTERDAM Fri Dec 21, 2012 2:59am EST

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AMSTERDAM Dec 21 (Reuters) - Dutch bank and insurance group ING said on Friday it has agreed to sell its Malaysian investment management business to Kenanga Investors Berhad, a unit of K & N Kenanga Holdings Berhad.

No financial details were given, but ING said the sale of its 70 percent stake would have no material impact on its results. ING's joint venture partner Tab Inter-Asia Services Sdn Berhad has also agreed to sell its 30 percent stake to Kenanga.

ING said its Malaysian fund management business managed about 500 million euros of assets for third parties. (Reporting by Sara Webb; Editing by Gilbert Kreijger)

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