GLOBAL – ABN Amro has named Sarah Russell, an Australian who joined the bank in 1994, as chief executive of its asset management division.

She takes over from Huibert Boumeester, who will join the board as head of group risk management, corporate development and M&A.

Russell, 43, was most recently chief financial officer of the bank’s Wholesale Clients unit. She was previously global head of financial markets.

The wholesale clients arm is being “unbundled” as part of a revamp in a bid to service mid-market clients, the bank said.

Russell joins Angelien Kemna at Dutch rival ING Investment Management as among the few women at the top of the industry.

The bank also announced the retirement of CFO Tom de Swaan, who will be replaced by Hugh Scott-Barrett.

Russell joined ABN Amro in Sydney in 1994 and became head of commodities in 1997 and head of corporate sales for Australia and New Zealand in 1999.

She transferred to Amsterdam in 2000 as a business manager. She began her banking career in 1981 at Toronto Dominion Bank in Melbourne.

Last month ABN Amro AM named Henderson's Deborah Harris to the new role of European head of consultant relationships.