ITALY - Marco Fusco has been appointment as head of business development for the institutional business of ING Asset Management Italy, following the departure earlier this month of Carlo Benetti, former head of institutional clients, to join Julius Baer Italy, as CIO responsible for institutional clients.

Fusco, former director of institutional sales at ING, says his appointment confirms that the firm’s institutional business in Italy remains a core activity for ING, despite comments from the Dutch insurer that it is set to sell its Italian retail business.

Says Fusco: “ING is rethinking its retail presence in Italy and there have already been some official communications from ING on this point, but this does not concern the institutional activity at all. We will continue as usual and we are investing a lot in this business. We think we are a key player here in Italy and recent results clearly show we are on the right path.”

Fusco says ING is currently thinking about a replacement for his former position and has officially communicated the personnel changes to its institutional client base in Italy.
Hugh Wheelan