ING replaces chief executive of $600B investment management biz

ING Groep NV today named Gilbert Van Hassel as its new chief executive officer of ING Investment Management. Mr. Van Hassel succeeds Jacques de Vaucleroy, who resigned on Monday to pursue other interests. Mr. Van Hassel joined ING in 2007 as CEO of ING Investment Management Europe and will continue in that role until a successor is named, the company said in a release. At the same time, ING announced that Jeff Becker will replace Rob Leary as the CEO of ING Investment Management in the Americas. Mr. Becker has been the vice chairman, chief operating officer and head of business management and strategy for ING's investment management unit here. Mr. Leary, meanwhile, will move over to the ING insurance business in the United States, where he will serve as that unit's new CEO. These moves come just days after ING announced that it will be dividing its banking and insurance operations. As part of that announcement, the firm said it is looking at initial public offerings and divestitures, or some combination of the two. As InvestmentNews reported yesterday, sources have indicated that ING is leaning towards an IPO for the ING Investment Management unit, which has $596 billion in assets under management.