Assets managed by ING Investment Management, the funds arm of the Dutch financial-services group, for outside clients dropped 10% in the fourth quarter of 2008 as retail investors, alarmed at volatile markets, withdrew a net €1.1bn ($1.3bn). However, this was partially offset by a net €600m of new money from institutional investors.

ING Investment Management runs €333bn in total, though €128bn of that is money it manages on behalf of the ING group. Assets under management for external clients stood at €205bn at the end of 2008, it reported today, down 10% from the end the third quarter.