The Ensemble Portfolios consist of six all-equity fund-of-funds which invest in funds of three global investment managers ? ING Investment Management, Inc., AIM Trimark Investments and Fidelity Investments. John Lockbaum, Senior Vice President and Managing Director of ING Investment Management, Inc., notes that with approximately $25 million of assets under management after almost four years of operation, the Ensemble Portfolios did not achieve the scale necessary to pursue their continued offering.
These are always difficult decisions, but you need to be pragmatic, said Mr. Lockbaum. I would like to recognize and thank our investors, their advisors, the dealer community and our business partners for their support of this product.
Mr. Lockbaum added that any investments in the Ensemble Portfolios that are not switched out or redeemed before the termination date will automatically be invested in the ING Canadian Money Market Fund.
ING Investment Management, Inc. is a member of Amsterdam-based ING Groep N.V., one of the world's largest providers of insurance, banking and investment products and services. ING employs 115,000 people in over 50 countries.
For more information:
John Lockbaum
Senior Vice President and Managing Director
ING Investment Management, Inc.
416 217-7210
1 866 669-4464
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ING to terminate its Ensemble Portfolios
October 12, 2004