ING reorganises asset management into regions
GLOBAL- ING Investment Management is to be introduced in ING’s regional businesses in the Americas, Asia/Pacific and Europe in a move that sees it rearranged along a regional basis.
In a complex alteration to its organisational structure, ING Group will amalgamate its asset management operations into its other three regional business structures that cover banking and insurance in Europe, Asia/Pacific and the Americas.
The structural changes will coincide with the retirement of ING IM CEO, Tom Balachowski, in the fourth quarter. His position will then be divided across the regions to produce three new CEOs.
European CIO Angelien Kemna becomes chief executive for ING IM Europe, Paul Scully, presently regional managing director for Asia/Pacific takes up the role of CEO in the region while Bob Crispins will swap his position as president and CIO for the Americas for the CEO spot.
ING has yet to find replacements to fill Crispins’ and Scully’s current positions when the transition takes place.
The three CEOs will be responsible for institutional and fund strategies in their respective regions, and will also be members of the global board of asset management.
Alexander Rinnooy Kan, overall head of ING’s asset management will continue to oversee the entire business. The other business units that make up the asset management side of the business– ING Real Estate, Baring Asset Management, Baring Private Equity Partners, Parcom and ING Trust – will exist separately and continue to report to Rinnooy Kan.
It is hoped that the structural changes will result in closer links between the investment management business and the distribution channels of the banking and insurance services.