ING closes $900M CitiStreet acquisition

Jul 1, 2008 @ 1:01 pm

By Lisa Shidler

ING Groep announced today that it completed the acquisition of CitiStreet LLC, one of the premier retirement plan and benefit service organization’s in the United States.

The deal makes Hartford, Conn.-based ING Wealth Management, a division of Amsterdam, Netherlands-based ING Groep NV, the third largest defined contribution business in the country.

The company’s combined assets under management and assets under administration are more than $300 billion.

The combined company now has the second largest number of plan participants — 16 million — and the largest number of plans — 60,000 — the company said in a statement.

In May, Citigroup Inc. and State Street Corp. agreed to sell CitiStreet LLC for $900 million in cash.

CitiStreet of Quincy, Mass., provided banking and administrative services to more than 16,000 defined contribution plans and 12 million participants.

It had $262 billion in assets under administration.

The firm was formed in 2000 and was owned equally by New York-based Citigroup and Boston-based State Street.

“ING is one of the few retirement services companies that has a scaled leadership presence in the small, mid and large corporate, education, and government and health care markets, which allows us to design and implement retirement and benefit solutions for any plan sponsor we encounter,” Kathleen Murphy, chief executive of ING U.S. Wealth Management, said in a statement.


What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video


Why broker-dealers are on a roll

Deputy editor Bob Hordt and senior columnist Bruce Kelly discuss last year's bounce-back for IBDs.

Latest news & opinion

SEC advice rule may give RIAs leg up over broker-dealers

Experts say advisers will be able to point to their role as fiduciaries as a differentiator in the advice market.

Brokers accept proposed SEC rule on who can call themselves an adviser

Some say the rule will clear up investor confusion, but others say the SEC didn't go far enough.

SEC advice rule: Here's what you need to know

We sifted through the nearly 1,000-page proposal and picked out some of the most important points.

Cadaret Grant acquired by private-equity-backed Atria

75-year-old owner Arthur Grant positions the IBD for the 'next 33 years.'

SEC advice rule seeks to tighten reins on brokers

The proposed rule puts new restrictions on brokers, but it is still unclear how strongly the SEC is clamping down.


Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting It'll help us continue to serve you.

Yes, show me how to whitelist

Ad blocker detected. Please whitelist us or give premium a try.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print