New roles at ING as equities head departs

ING Investment Management(INGIM) head of Australian equities John Morgan will leave the group as it fills the role of chief investment officer (CIO) and adds the role of deputy chief executive officer.

Morgan will leave INGIM after 17 years and hand the reins to Australian equities business manager Paul Cuddy with senior portfolio manager Mark East taking on responsibility for the management of all Australian equities portfolios.

At the same time, INGIM has named ING New Zealand CIO David McClatchy as INGIM CIO and deputy chief executive reporting to chief executive Grant Bailey.

McClatchy has been with ING since 1993 and in the New Zealand CIO role since 1997 and will transfer to the Australian operations over the coming months.

The CIO role was vacated in October last year when Geoff Martin stepped down from the role after 12 years with ING resulting in his responsibilities being split between a number of INGIM staffers.

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As a result of Martin’s departure investment strategist Eric Siegloff moved into the role of head of asset allocation and head of quantitative research Michael Price taking on the investment process, expanding upon his existing responsibilities in driving quantitative research.

Siegloff and Price will remain in their roles with Bailey stating the new role will cover the management of the investment teams and assistance with the management of the overall business.

According to Bailey, the changes within the equities team have been designed to share the workload with Cuddy taking on management of the equities team, co-ordination of resources and overseeing the Australian equity process.

East will cover equities portfolios and INGIM are seeking other investment staff to add to the Australian equities team, with Bailey restating the group’s commitment to its ‘price for growth’ investment process.