The firm, which is a wholly owned subsidiary of Nomura Holdings, is partnering with an investment group led by Ashwin Mehta, former chief executive of ING Securities Investment and Trust Company, the Taiwanese asset management arm of ING Group.
Toshihiro Iwasaki, CEO of Nomura Asset Management, said: “This acquisition is part of our ongoing expansion in Asia and represents a very important opportunity for us to enter the Taiwanese market, one of the leading mutual fund markets in Asia.”
“By leveraging the firm’s existing capabilities, we aim to enhance our presence in the local market while continuing to build out our investment management business in Asia.”
The deal is subject to regulatory approval and is expected to close in the second quarter of 2014, ING said.
The transaction is in line with ING’s earlier announced strategy to divest its insurance and investment businesses, the company said, adding it does not expect this to have “a material impact” on ING Group results.
