The Asia-Pacific chief of ING IM is to depart, with reports indicating that Ameriprise, the parent of Threadneedle AM, has pulled out of negotiations to buy ING IM's Asia platform.
The firm takes Joel Kim from ING IM to coordinate and build its regional offering. Grant Bailey of ING IM says he regrets Kim’s decision but won’t react in a knee-jerk way.
The bank may create a multi-boutique set-up after its acquisition of ING IM Australia. But Grant Bailey of ING IM denies the sale is part of plans to cut back in the region.
The Dutch firm's Asia-Pacific chief executive is off to pastures new and will be replaced by regional general manager Grant Bailey, as the group's future remains uncertain.
Plans to open up the countryÆs financial markets will make it easier to sell a wider range of products, including offshore funds, locally.