ING Asset Management consolidated its U.S. operations into a new division, ING Investment Management U.S.; it will be headed by Tom Balachowski, chairman of ING Investment Management Global. No job losses are expected "for the foreseeable future,” said Ward Snijders, ING Investment Management spokesman.
The new division will consist of four business units.
ING Investment Management, headed by CEO Robert Crispin, will provide asset management to ING Group’s insurance affiliates and other U.S. institutions.
Aeltus Investment Management will provide asset management to institutional clients and subadvised mutual funds under incumbent CEO John Scott Fox.
ING Furman Selz Asset Management has been renamed ING Alternative Assets and will be run by Paul Gyra. Mr. Gyra was president and CEO of Baring Asset Management North America; he will be replaced by Michael Brown, former head of legal affairs at BAM North America.
ING Managed Accounts and Furman Selz Capital Management will be run by Mike Delfino, former head of ING Managed Accounts, Mr. Snijders said.
Edmund Hajim will retire within the next few months, Mr. Snijders said. Mr. Hajim was chairman and CEO of ING Aeltus Group and ING Furman Selz Asset Management, and CEO of Furman Selz Capital Management.
