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HEDGE FUNDS | Contributed Content, Singapore
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ING rebalances hedge portfolio for employee options

ING Groep N.V. has sold 1,450,000 (depositary receipts for) ordinary shares for its delta hedge portfolio, which is used to hedge employee options. The shares were sold in the open market on 1 September and 2 September at an average price of EUR 10.53 per share.

ING does not issue new shares to cover employee options. Instead, employees receive shares from the delta hedge portfolio, which is maintained to minimise the market risks and price fluctuations that arise from the employee option programmes. The hedge position is adjusted periodically, generally on a quarterly basis, in accordance with regulatory requirements and ING's policies to prevent market manipulation.

The hedge book currently holds 34.3 million (depositary receipts for) ordinary ING shares, representing 1.7 percent of the 2,063 million shares outstanding.

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