Becker bows out of ING

Wayne Becker, ING head of funds management sales, resigned this week – the third senior executive to leave the group in recent months.

Wednesday, March 25th 2009, 5:37AM

In a note to clients, Paul Butler, who heads the newly-separated ING Managed Funds division, said Becker had resigned to “pursue new opportunities in the industry”.

“[Becker's] decision to leave has only been delayed because he was waiting until a solution to the two frozen funds (DYF and RIF) could be announced. He has offered to stay until the current proposal is bedded in,” Butler said in the note.

Yesterday ING revised its proposal to wind up the two frozen CDO funds with an offer to split investor repayments between cash now and a further payout in five years' time.

Becker's resignation follows closely on the departure of Steven Giannoulis, ING head of marketing, and Peter Buttle, ING Life head of distribution, who left their full-time positions in February and March respectively.

However, both Giannoulis and Buttle continue to work with ING on a contractual basis. Giannoulis is understood to be heading up the communications strategy for the frozen DYF/RIF products.

According to Butler, Becker would also retain a close association with ING “albeit via a new and exciting career path”.

As well as internal management changes, ING is also facing a challenge to its associated distribution network. Last month Good Returns reported a new independent advisory group, to be headed by Clayton Coplestone, was targeting financial planners associated with ING.

It is understood the new group is close to finalising agreements with a number of ING-linked financial planning firms. Coplestone told Good Returns in February there was a “golden opportunity” to build an independent, high-end financial planning group in New Zealand based on models in the Australian market.

« Cash now, cash later: ING converts deal

Sovereign takes regulation bull by the horns »

Special Offers