ING Investment Management restructured its fixed-income operations, combining the teams overseeing roughly $40 billion in external client assets and $80 billion in parent ING Groups general account money, said spokeswoman Tracey Gordon.
In an extraordinary period in credit markets, it made sense to leverage all of INGs talent for both internal and external clients, she said.
As a result of that restructuring, David Vuchinich, senior portfolio manager of investment-grade credit, has left the firm, Ms. Gordon said. She didnt have further information about him. Mr. Vuchinich couldnt immediately be reached for comment. Chris Daniels, a portfolio manager who had focused on proprietary investments, has been named interim head of credit, Ms. Gordon said.
Investment consultants who follow ING, but declined to be named, said they see the changes as an effort to boost the organizations efficiency, rather than the result of a performance blowup.