Regional reshuffle at ING Investment Management

ING Investment Managementregional director for North Asia, Chris Ryan, will replace Asia Pacific chief executive Paul Scully in the same role effective from July 1, 2003, after the latter opted to step down following a restructure of the group’s regional operations.

Scully, who has been with ING for over 25 years and will remain on a number of ING-affiliated boards, says as a result of the restructure the regional head will now be Hong Kong based, and given his family commitments, he was unwilling to relocate.

After two years in his previous role, Ryan takes over the reins of the regional investment management operations after managing the group’s investment business in Japan, Korea, Taiwan and Hong Kong, and helping develop ING’s mutual fund business in China.

Ryan also has experience in funds management in Australia and elsewhere in Asia, having held senior regional management positions withHSBC Asset ManagementandDeutsche Asset Management.

“ING Investment Management has shown tremendous growth over the past eight years under Paul Scully’s direction,” ING Asia Pacific CEO Jacques Kemp says.

“We intend to continue to build on this growth through Chris Ryan’s leadership, aiming to build a world-class investment management business,” he says.

The announcement follows the appointment last week of Paul Bedbrook as chief executive officer of ING Australia, succeeding John Wylie, who will take up a general management role in the ING Asia Pacific regional office.

After three years with ING Direct Canada, Bedbrook returns to ING Australia where previously he was one of the key executives of the broader group responsible for growing ING’s funds management business.