ING and The Bank of New York Announce Outsourcing Arrangement for ING Managed Accounts; The Bank of New York to Administer ING Managed Accounts

Business Wire, Feb 3, 2003

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 3, 2003

ING, a market leader in the field of insurance, banking and asset management, and The Bank of New York, a leading provider of global investment services, today announced an agreement in which ING Investment Management Americas' managed accounts business will outsource back-office operations to The Bank of New York.

The Bank of New York, which is a leading provider of integrated outsourcing solutions to financial institutions worldwide, will assume full responsibility for all operations and accounting functions of ING Investment Management Americas' managed accounts business, as well as the technology infrastructure to support this high-growth business. The ING Managed Account Group is the marketing, sales, and service organization for ING Investment Management's managed account offerings and currently administers more than 30,000 accounts with over $7 billion in assets. Among the operational functions to be assumed by The Bank of New York are account opening and maintenance, trade support and reconciliation. In addition, many of ING Investment Management's operations managers and staff will transfer to The Bank of New York.

Michael Delfino, president and chief executive officer of the ING Managed Account Group, said, "This agreement represents another major step towards making ING Investment Management a prominent leader in the managed account business. Our decision to outsource to The Bank of New York was based on the Bank's ability to provide its clients with a high degree of service and its innovative solutions. Our clients will be well served by The Bank of New York, one of the world's foremost experts in investment management outsourcing solutions. More importantly, as we leverage The Bank of New York's operational expertise, we will be able to focus more of our efforts on providing our clients with a broader array of high-quality investment, sales, marketing, and client-centric services."

Thomas J. Perna, senior executive vice president of The Bank of New York, said, "We are delighted that we can offer ING Investment Management a highly customized solution and IT platform to support this strategic business. The managed account industry is growing rapidly, but the lack of standardized protocols and processes make it difficult for investment managers to efficiently compete. ING Investment Management will benefit from the Bank's top-tier processing, scalable technology and managed account expertise, which will allow ING Investment Management to focus on core services such as portfolio management. This is another example of The Bank of New York's leadership position in addressing the needs of the investment management community whether in a single or multi-sponsor/custodian environment."

According to Bob Crispin, chairman and chief executive officer of ING Investment Management Americas, "This arrangement is right in line with ING's global strategy to provide its businesses with the highest quality of transaction processing services and technology. As well, this relationship is within the framework of a broader global partnership between ING and The Bank of New York where The Bank of New York provides several of ING's businesses with transaction processing support and technology solutions. ING Investment Management will now be able to process a high volume of transactions more efficiently from both a quality and scale advantage. In addition, ING Investment Management will look to The Bank of New York for new services that will further enhance the firm's ability to expand and service its business in this rapidly growing sector of wealth management for affluent investors, while ensuring operational efficiencies and long-term scalability."

ING Investment Management Americas, a part of ING, has over $150 billion in assets under management and serves the U.S., Canada, Mexico and Latin America. Headquartered in Amsterdam, ING is one of the world's largest global financial institutions and is a market leader in the field of insurance, banking and asset management. ING has more than 50 million customers, over 110,000 employees in 65 countries and assets under management exceeding $485 billion. For more information on ING's Managed Account offerings, please visit www.ing-mag.com.

The Bank of New York, founded in 1784 by Alexander Hamilton, is the United States' oldest bank and is the principal subsidiary of The Bank of New York Company, Inc. (NYSE: BK), a financial holding company. With over $77 billion in total assets as of December 31, 2002, the Company provides a complete range of banking and other financial services to corporations and individuals worldwide through its basic businesses, namely, Securities Servicing and Global Payment Services, Corporate Banking, BNY Asset Management and Private Client Services, Retail Banking, and Global Market Services. Additional information on the Company is available at www.bankofny.com.