Dutch bank ING is to buy Korean asset manager Landmark Investment Management from Morgan Stanley Private Equity Asia, Landmark's chief executive Hong Choi and Kyobo Life. Landmark is the twelfth largest asset manager in that market, with KRW8.6 trillion ($9,280 million) in assets under management at 31 May 2007. The financial details of the transaction were not disclosed, but the acquisition will increase the debt/equity ratio of ING Insurance by 65 basis points. ING intends to integrate Landmark with its recently-established ING Investment Management Korea, putting it in the top ten asset managers in Korea, with combined assets under management of over KRW13.2 trillion and a market share of 3.7 per cent. Hans van der Noordaa, member of the executive board of ING Group, said: "This acquisition is in line with ING's organic growth strategy of pursuing carefully selected add-on acquisitions to strengthen our position in Asia/Pacific. Integration of Landmark with ING Investment Management and ING's existing strengths in the Korean wealth management market will provide ING with a base from which we can achieve our growth ambitions in Korea which is one of Asia's largest asset management markets with an annual growth rate of 20 per cent." The combined ING-Landmark business is ING's sixth operation in the country. In addition to ING Investment Management, ING Real Estate and ING Wholesale Banking, the company partners with Kookmin Bank to operate ING Life Korea and KB Life, which specialises in bancassurance sales, and holds a 20 per cent financial stake in KB Asset Management.