ING surgically removed as Medical's manager
Martin Stokes, MAS chief executive, confirmed ING has been dumped but said its replacement was “subject to a confidentiality agreement”.
“No-one has been appointed yet,” Stokes said. “We are a long way down the road to naming a replacement but that has to be confirmed by the board – which should be before the end of this week.”
He said the decision to replace ING was made after an extensive review process, which determined a “different model” of management was appropriate for the MAS funds.
On the MAS website it says ING would be replaced by “a multi-manager model using the services of independent advisers”, however, Stokes said the 'multi-manager' tag was a “little misleading”.
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