TORONTO - ING Group will seek unitholder approval in October to combine its two Canadian mutual fund families.

The three-fund ING Direct Funds Limited family and the 18-fund ING Investment Management Inc. family would be merged into a single 20-fund family with the name ING Funds. The ING Direct American Fund would be folded into the ING U.S. Equity Fund to avoid duplicate funds with similar objectives, the company said.

The ING Direct Canadian Fund would be renamed the ING Canadian Balanced Fund, and the ING Direct Global Brand Names Fund would be renamed the ING Global Brand Names Fund.

The plan was announced Wednesday.

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