Independent Amsterdam investment company Foreman Capital is to buy ING Trust with existing management in a buyout from Dutch major ING. Fina...

Independent Amsterdam investment company Foreman Capital is to buy ING Trust with existing management in a buyout from Dutch major ING. Financial details of the transaction were not disclosed, but ING said that the move follows a strategic review. The buyout team is led by Floris Nijland, ING Trust’s commercial director and Joep Bruins, financial director. Michiel Schoelvinck, interim chief executive officer of ING Trust, will stay on as chief executive for a transitional period. The team includes the majority of the company’s senior management in most countries where ING Trust is active. After completion, ING Trust will be rebranded to reflect its new stand-alone position. However, the newly created company and ING Group intend to continue their working relationship. ING Trust currently offers fiduciary and advisory services to individuals and companies, including trustee services, administration and tax compliance. The company currently employs 165 staff in six countries: Holland, Luxembourg, Aruba, Curacao, Hong Kong and Mauritius. The sale is subject to regulatory approval as well as advice from the works council but is expected to be completed in the first quarter of this year.