NETHERLANDS - ING Investment Management (ING IM) has appointed Michel van Elk as chief executive of ING IM Europe.
van Elk, currently chief marketing officer at ING IM Europe, replaces Gilbert Van Hassel who took on the role of global chief executive officer of ING IM earlier this month. He will be based in the Hague.
The personnel changes come as ING is working through a restructure of the organisation. Officials are in the process of completely separating its banking and insurance operations, which includes investment management, over the next four years.
In October, the firm said it planned to do this through initial public offerings, sale of assets, or a combination of both.
The investment management business itself was also restructured in April, when the firm announced it would merge its European, Americas and Asia-Pacific divisions into a single unit. (Global Pensions; April 9, 2009)
The combined business has €400bn (US$598.9bn) in assets under management.
Commenting on van Elk's appointment, Hassel said: "Michel is an all round asset management professional and his broad experience within the company makes him an excellent candidate to take on the responsibilities for ING IM Europe."
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