ING Investment Management (IIM), the largest asset management unit of ING, intends to join INGÂ'Â's regional Executive Centres in the Americas, Asia/Pacific and Europe. Each of these Executive Centres will then include all three pillars of INGÂ'Â's strategy: insurance, banking and asset management.
As a consequence, the financial results of INGÂ'Â's asset management activities will be reported within the regional Executive Centres, and the Executive Centre Asset Management will no longer function as a separate global profit centre. ING will continue to report the total functional profit contribution from asset management on a global basis.
Alexander Rinnooy Kan, member of the Executive Board, will continue to be functionally responsible for all the asset management activities of the Group and for their global co-ordination.
The new regional organisation for IIM will strengthen INGÂ'Â's integrated financial services proposition for retail and wholesale clients by improving the strategic and operational links between the investment units and the distribution channels.
The new structure of IIM will result in the following appointments to the position of regional CEO:
- IIM Europe, Angelien Kemna (presently CIO of IIM). She will continue to have CIO responsibility for Europe.
- IIM Americas, Bob Crispin (presently President and CIO of IIM Americas).
- IIM Asia/Pacific, Paul Scully (presently Regional Managing Director for IIM Asia/Pacific).
All three will become members of the respective regional Executive Committees.
They will take responsibility for the delivery of IIMÂ'Â's full range of institutional and fund strategies to clients in their respective region and for continuing to develop IIMÂ'Â's global capabilities.
Following a transition period Tom Balachowski, currently CEO of IIM, will retire from ING after having made important contributions to INGÂ'Â's global asset management business.
The other ING asset management units - ING Real Estate, Baring Asset Management, Baring Private Equity Partners, Parcom and ING Trust - will continue to report hierarchically and functionally to Alexander Rinnooy Kan.
(source: ING Group)