West Gate Advisors, a subsidiary of Metropolitan West Asset Management (MWAM), has bought ING Capital Advisors. As part of the agreement, the existing ICA management will remain intact and will receive partial ownership of a newly created entity. The purchase price was not disclosed. Calls to Scott Dubchansky, ceo of MWAM, were not immediately returned. ING's loan business, which has $2.1 billion in assets under management, has been on the block since last December. The Los Angeles-based manager was no longer considered a core business within the insurance, banking and wealth management strategy (LMW 12/23). ING Capital Management, the European arm, was sold to Highland Capital Management earlier this year. MWAM manages more than $14 billion.
Metropolitan West Buys ING Capital
