ING is reviewing various options for its bank loan asset management business ING Capital Advisors (ICA). The business is so specialized and is no longer considered a core business within the insurance, banking and wealth management strategy, said an ING spokeswoman. "We have a new chairman, [Michael] Tilmant, and this is part of his portfolio management strategy, focusing on core business." ING also owns ING Pilgrim Investments, which manages retail funds.
Michael Hatley and Michael Campbell are the loan portfolio managers for ICA, which has more than $3.1 billion in assets under management in collateralized loan obligations and various accounts. The firm has offices in New York, Los Angeles and London and has a staff of 25. Geoffrey Arens is a managing director and ceo. Some market participants predicted an outright sale to a rival, but one said a management takeover is also a possibility. Hatley referred questions to the spokeswoman.