Bedbrook back at ING as Wylie heads to Asia

ING Australiahas announced the departure of its chief executive officer John Wylie less than 24 hours before ANZ Bank revealed its 49 per cent stake in the joint ING Group/ANZ initiative had suffered a 72 per cent fall in profits for the year ending March 31.

Wylie will be succeeded by Paul Bedbrook, who returns to Australia after heading ING Direct Canada’s operations for the past three years, with Wylie relocating to Hong Kong to take on a general management role within ING’s Asia Pacific offices and having responsibility for Korea, Japan and Thailand.

The changes are effective as of July 1.

An ING Australia spokesperson says markets have been tough for all fund managers over the past year, but denies that the departure of Wylie is in anyway performance related.

“We are part of a global group and moving people around is what global groups do,” the spokesperson says.

ANZ Bank reported at its half yearly briefing today that of the $1.11 billion net profit it reaped for the 12 months ending March 31, only $15 million was attributable to the joint venture between itself and ING, with the latter having a 51 per cent stake in the company.

The yearly figures quoted by ANZ take into account the businesses that were sold into ING Australia, as the venture was only launched in May last year.

Commenting on Bedbrook’s appointment ING Australia chairman, Tony Berg says “while there is still work to do to fully realise the synergies of the joint venture the core integration has been completed. The business has established strengths and great opportunity for future growth through its relationship with ANZ”.

Bedbrook previously managed ING’s (then Mercantile Mutual Investment Management) funds management product and marketing operations prior to his Canada posting in 2000. He joined Mercantile Mutual back in 1983 as a portfolio manager, before heading its investment management business between 1987 and 1996.