Profits in ING Group's asset management business grew 64% last year to €431m ($548m) but commissions from brokerage and advisory fees fell by a quarter.

In 2003, asset management activities accounted for 7% of ING Group's operating profit before tax. Assets under management increased from €449bn at the end of 2002 to €463bn at the end of last year. The bank said that all the regional units of ING Investment Management and ING Real Estate contributed to an €11bn net inflow.