New York — ING Group NV split up its U.S. wealth management business to put the company in position to increase assets under management when the economy eventually recovers, but analysts remain skeptical that anyone in the industry will grow in the near term.

The Dutch company's U.S. business now has four units: retirement services, annuities, insurance, and investments. Previously, retirement services and annuities, its two largest business lines, operated within the wealth management business.

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