Grant Bailey, who oversaw the establishment of ING Investment Management's Dubai operations, has transferred to Hong Kong to take up a role as regional general manager.

Farah Foustok, the Dubai business's CIO, has been appointed CEO there.

Bailey reports to Alan Harden, CEO of Asia-Pacific for the investment management firm, and will take responsibility for a number of countries, including Japan, Korea, Malaysia, the Philippines and Thailand.

Bailey is partly taking over from Mike Ferrer, who had been responsible for Southeast Asian markets but departed last year.

A spokesman for ING IM was not able to explain further the relationship between Bailey and local executives. It appears he will be in a position similar to that of Eddy Belmans, who runs North Asia day-to-day.

In Dubai, Foustok will continue in her role as CIO. ING launched its first Middle East and North Africa (Mena) fund in December and has plans to roll out more locally manufactured products this year, making it one of three global fund houses with such a capability (along with Schroders and Franklin Templeton, which owns a stake in local player Algebra Capital).

Foustok joined ING in early 2008 after building the asset management team at NBD Investment Bank. She took the team with her and is one of the most experienced fund managers in Dubai. ING IM's spokesman didn't say how she will manage both the CIO and CEO roles concurrently.

Bailey has been with the firm for seven years, having first served as CEO of its Australia business, from 2003 to 2007. Prior to this, he held a number of senior positions at Citigroup Asset Management in Australia and Singapore; served as chief economist for Citibank Australia; and served with the Australian Treasury for 14 years, both in Australia and in the United States.