ING is combining its Aeltus Investment Management and ING Furman Selz Asset Management units, creating one business designed to reach the markets of both: ING Aeltus Group. Edmund A. Hajim, formerly chairman and ceo of ING Furman Selz, will serve the same role in the new firm. J. Scott Fox will remain president of Aeltus Investment Management and will serve on the new firm's operating committee.

"The combination of our two institutionally oriented investment businesses is a natural fit for ING in the United States," said Hajim in a statement. "The complementary nature of the firms' investment specialties plus their common commitment to disciplined investment principles is a great advantage for us in meeting our clients' investment needs. We look forward to growing these businesses."

Aeltus had concentrated on institutional money management as well as providing mutual funds to defined contribution plans and managing assets for the Aetna funds. ING Furman Selz has focused on alternative investing and managed accounts. 

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