ING Investment Management (INGIM) has taken a hit with the departure of four key players from its Australian equities team, including directors Paul Cuddy and Mark East.
INGIM sought to manage news of the departures today by making clear that East and Cuddy were part of a 20-strong team and that the company had brought in two highly experienced portfolio managers from its international team — Guy Uding and Tycho van Wijk.
Uding was imported from INGIM’s Asia Pacific investment team while van Wijk has been imported from the company’s European office. INGIM chief investment officer, asset strategies and alternatives, James Wright will take responsibility for management of the Australian equities team.
Cuddy and East were regarded as the leaders of INGIM’s Australian equities team, with Cuddy’s key responsibilities including implementation of the investment process, portfolio construction and overall management of the research function.
East was responsible for the overall portfolio management of all the Australian equities portfolios.
Cuddy and East were joined by two analysts, Micheal Chun and Michael Malseed, in leaving INGIM. It has not yet been announced where they will now be working.
