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

Featured video


How men and women think differently about philanthropy

Women are more emotionally connected to their gifts, and want to donate time as well, says special projects editor Liz Skinner.

Latest news & opinion

Cetera brokers may go elsewhere with no stay bonuses on horizon

Some may feel spurned and leave, while others will simply shrug off latest slight and stay.

Fidelity backs away from being 'point in time' fiduciary for 401(k) plans

Some advisers think this indicates other providers will pivot in light of DOL fiduciary rule's death.

Morgan Stanley CEO is happy that brokers are staying put

Firm has seen little attrition since it dumped the broker protocol last fall, Gorman says.

Bills to reform adviser regulation, increase sophisticated investors and protect seniors pass House

Measures included in package of 32 bipartisan bills meant to ease rules, spur investment

Genstar Capital buys majority stake in Cetera Financial Group

The private-equity firm has previously invested in such companies as Mercer Advisors and AssetMark.


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