ING chief role changes hands
ING Investment Managementhas appointed Grant Bailey to the position of chief executive officer in Australia, taking the place of departing chief executive Michel van Elk.
Van Elk has been promoted to a senior role within ING Investment Management’s Europe business after four years as the Australian head.
The change-over will take place on January 1, 2003, with both senior executives to stay in their current roles until that date. A replacement for Bailey has not yet been decided on.
Bailey has been with ING Investment Management for the past year as director of wholesale clients. From 1991 to 2001 Bailey worked for Citibank, where his roles included chief economist and chief investment officer in Australia, and head of investments in the Asia Pacific region for Citigroup Asset Management.
Bailey has 26 years industry experience, 14 of which were spent with the Australian Treasury, including a period as the economic counsellor at the Australian Embassy in Washington.
With Bailey now stepping into the role, Van Elk will return to the Netherlands in order to take up a senior position in commercial management, covering both the institutional and retail segments of the pan-European business. Van Elk will also join the management committee of ING Investment Management in Europe.
On leaving, van Elk notes that the Australian market is “very sophisticated” and “continually developing”.
The chief investment officer of ING Investment Management’ Asia Pacific operations, Paul Scully, says van Elk’s return to a senior position in Europe will strengthen the links between ING’s Australian operation and the ING global investment network.
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