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ING Separates Annuities, Retirement Services

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A financial services company is replacing its U.S. wealth management business with separate annuity and retirement services business units.

ING U.S., Atlanta, an arm of ING Groep N.V., Amsterdam, says it also is creating an insurance business unit and an investments business unit.

“One of the unfortunate consequences of the financial markets’ steep declines has been the erosion of countless Americans’ retirement savings,” Tom McInerney, chief executive officer of ING Insurance Americas, says in a statement about the realignment. “As the markets eventually recover, ING will operate its businesses to help Americans re-establish their retirement savings program, create and protect reliable sources of retirement income, and ultimately, reclaim the pursuit of their retirement ambitions.”

Kathleen Murphy, CEO of ING U.S. Wealth Management, is leaving to take a job at Fidelity Investments, Boston, ING says.

Catherine Smith, previously CEO of ING U.S. Insurance, will become CEO of ING U.S. Retirement Services.

Butch Britton, an actuary who previously was president of ING U.S. Life Insurance, will become CEO of ING U.S. Insurance.

Bill Lowe, previously president of ING Wealth Management Wholesale Distribution, will become CEO of ING U.S. Annuities.