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ING Restructures Asset-Management Unit

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NU Online News Service, Aug. 28, 12:31 p.m. – The ING Groep N.V., Amsterdam, says Tom Balachowski, the chief executive officer of its ING Investment Management asset-management unit, is leaving the company.

ING gave no further information about his departure.

The company also says it is restructuring the asset-management unit.

In the past, ING has run separate executive centers for insurance and banking for Europe, the Americas and the Asia/Pacific region, and another, worldwide executive center for ING Investment Management.

Now, ING will have separate asset-management operations in Europe, the Americas and the Asia/Pacific region, the company says.

But ING says it will continue to report total asset-management profits on a global basis.

Alexander Rinnooy Kan, the ING executive who has been in charge of ING Investment Management and most other ING asset-management operations, will continue to be in charge of ING asset-management activities.

Bob Crispin, now president of ING Investment Management Americas, will become the regional chief executive officer for IIM Americas and serve on the ING Americas region executive committee, ING says.


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