ING Investment Management is ridding itself of $4 billion in institutional assets. The subsidiary of ING Group has agreed to sell Los Angeles money manager Delta Asset Management to Berkeley Capital Management.

The deal is expected to close before the end of this year.

"The decision to find a new partner for Delta was made in order to ensure a continued strategic focus of ING Investment Management's resources on building our equity investment management capabilities in New York," stated Bob Crispin, chairman and chief executive officer of ING Investment Management.

Delta’s offices will remain in Los Angeles. The two organizations combined will have $5 billion in managed account and institutional assets and 30 employees.  

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