David McClatchy, who has been in the role of CIO for ING (NZ) Ltd for seven years, is taking up an appointment with ING Investment Management (INGIM) in Sydney, Australia.
He has been appointed to the position of chief investment officer & deputy chief executive officer of ING Investment Management (INGIM) in Sydney, Australia.
INGIM is ING Group’s global investment specialist, which manages investment funds for ING.
The position is a new one created to assist INGIM’s chief executive officer, Grant Bailey, with overall management of the investment function and the business.
ING New Zealand said it has now begun the search for a new CIO, who could come from within ING Group or from the broader market.
Managing director of ING New Zealand, Paul Fyfe said that while the appointment had only just been confirmed, it has been discussed, agreed and planned for by both companies since the beginning of the year.
“ING New Zealand has been fully involved in the discussion process and fully supportive of it. We are totally confident that the transition approach will provide for a seamless continuity of David’s involvement in the business.”
McClatchy will transition into the new role over the next few months, during which time he will perform a dual function in both Sydney and Auckland.
Fyfe said it is also expected McClatchy will continue a close association with and active role in ING New Zealand, retaining some of his current offices such as director of certain ING companies in New Zealand and as a member of the New Zealand Asset Allocation team.
“All of these factors enabled us to agree to the change, with total confidence the business would continue to operate as it currently does.”
During the transition phase, ING’s senior investment managers will continue to be responsible for all investment mandates, and the wholesale management team for all client accounts. The investment team will also continue to report to McClatchy during the transition period.
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