In Brief: L.A. Fund Firm to Buy Assets from ING Unit

Published June 29, 2005, 1:00 a.m. EDT

Updated June 28, 2005, 2:56 p.m. EDT

1 Min Read

Metropolitan West Asset Management said Tuesday that it had agreed to buy certain assets of ING Capital Advisors.

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Terms of the deal were not disclosed. Metropolitan West, which is based in Los Angeles, will acquire about $2.1 billion of assets under management from the unit of the Amsterdam-based insurer ING Group NV. The new Metropolitan West unit will be called West Gate Horizons LLC.

ING Capital Advisors specializes in the U.S. floating rate, senior-secured leveraged loan market, including the management of collateralized loan obligations and privately managed leveraged loan portfolios.

Metropolitan West manages more than $14 billion of assets, including those in the Metropolitan West Funds.

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