ING is selling ING Investment Management Australia to UBS AG for an undisclosed amount. ING IM Australia was managing € 24.8bn (AUD 34.0bn) on 31 March 2011, the majority of which is managed on behalf of ANZ’s wealth management activities. Our View: According to ING the deal is not material to the group (hence the local press release only) and no financial details on the transaction were disclosed except AUM of the unit, which was € 24.8bn, most of which were managed on behalf of the wealth management business venture which ING sold out to ANZ a year or so ago. Conclusion: We remain Accumulating with an unchanged target at € 9.0