Pilgrim Funds and Aetna Funds Combine Into ING Funds
PRNewswire-FirstCall
SCOTTSDALE, Ariz.
Mar 1, 2002
ING U.S. Financial Services announced today that its retail mutual fund operations, Pilgrim Funds and Aetna Funds, and all of its corresponding mutual funds and variable annuity subaccounts, have been re-branded under the name ING Funds. The name change is effective March 1, 2002.
"As ING evolves into a more customer-focused organization, it is important that ING's key business units operate under one strong unified brand," said Tom McInerney, chief executive officer, ING U.S. Financial Services. "Pilgrim and Aetna funds have deep investment talent and broad investment options -- now we can focus on building a powerful brand that resonates with investors."
Pilgrim Funds and Aetna Funds were acquired in 2000 as part of Amsterdam- based ING Group's acquisitions of ReliaStar Financial and Aetna Financial, which now form ING U.S. Financial Services. ING U.S. Financial Services is one of the largest financial services organizations in the U.S.
Jim Hennessy, president and chief executive officer, ING Investments, LLC, said that establishing a strong brand is important to successfully compete in a crowded mutual fund marketplace.
"Today's mutual fund marketplace is more competitive than ever, and on the heels of an extended bear market, investors have become more discerning and cautious about how they allocate their investment assets," Hennessy said. "Mutual fund companies with a strong brand have a distinct competitive advantage. By aligning under the ING Funds brand, our organization is positioned to add that competitive advantage to an already exceptional organization."
Bob Boulware, president and chief executive officer, ING Funds Distributor, Inc., the distributor for the combined fund families, said the new distribution network enables both organizations' sales forces to perform more efficiently with virtually no changes for customers.
"ING customers can count on the same professional and reliable service that they have grown to expect and appreciate," Boulware said. "In addition, portfolio management of the funds will remain the same, but our customers now have more flexibility and access to a wider array of investment vehicles. Customers will see multiple benefits from the increased power of our distribution network."
Exchange privileges between similar classes of the former Pilgrim Funds and Aetna Funds are available effective March 4, as outlined in the prospectus. Shareholders and investment professionals are receiving ongoing communications from ING Funds, including updated prospectuses and marketing material explaining the changes. Similarly, the existing Pilgrim and Aetna Funds websites will merge in early March. The site will contain the same performance and fund information previously available, along with additional information regarding ING Funds, market conditions, investment strategies and investor education.
ING Funds is the retail mutual fund unit of ING U.S. Financial Services. ING U.S. Financial Services is part of Amsterdam-based ING Group N.V. (NYSE: ING), one of the world's leading financial services companies with banking, insurance and asset management operations in 65 countries.
A prospectus containing more complete information about the Fund, including charges, fees, risks and expenses, may be obtained from ING Funds Distributor, Inc., at 800-992-0180 (shareholder services) or 800-334-3444 (investment professionals). Please read it carefully before you invest or send money.
SOURCE: ING Americas
Contact: Dana E. Ripley of ING U.S. Financial Services, +1-770-980-3317,
or cellular, +1-404-202-6679
Website: http://www.ing-usa.com/