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ING Australia profits up 50 percent

ING Australia profits up 50 percent

(2 March 2004 – Australia) Fund manager and life insurer, ING Australia, has posted a 50 percent increase in net profit after tax to A$215.4 million for full year ending December 2003. The company, which is a joint venture between by ING Group and ANZ, said it was tracking ahead of forecasts in cutting expenditure, with total expenses reduced 12.5 percent to $394.5 million.

ING Australia chief executive Paul Bedrook said since the joint venture in May 2002, the company had held on to market share, reduced its cost base and integrated the respective ING and ANZ operations.

"We are now developing a strong channel distribution focus to better leverage our distribution strengths," he said.

"With a very strong brand, full service capability, and ability to distribute through the bank network, our own dealer groups, other dealer groups and the so-called boutique planner groups, we are well placed for the future."

During 2003, the company oversaw the transition of ANZ multi-manager funds to ING’s multi-manager Optimix, which now has $4 billion in funds under management.
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