ECB picks 4 asset firms

The ECB has picked four asset managers to aid purchases of asset-backed securities that it says will start next month.

ING Investment Management, Deutsche Asset & Wealth Management International, State Street Global Advisors, and Amundi will execute transactions for national central banks, the ECB said yesterday.

The four asset managers will act on “explicit instructions” from officials, who “will undertake price checks and due diligence prior to approving the transactions”.