Top B-D exec at ING Advisors Network exits amid sale speculation

Another key executive with the ING Advisors Network Inc. has stepped down, as the network's parent, ING Groep NV, continues an evaluation of the broker-dealers that could lead to their sale. Patrick McEvoy last week resigned as chief executive of Multi-Financial Securities Corp. of Denver, the smallest of the four broker-dealers in the ING Advisor Network. Dana Ripley, a spokesman for ING, said Mr. McEvoy left on “very amicable terms” and was seeking to pursue new opportunities. Along with Multi-Financial, the other broker-dealers in the group are: Financial Network Investment Corp. of El Segundo, Calif.; ING Financial Partners of Des Moines, Iowa; and Primevest Financial Services Inc. of St. Cloud, Minn. In April, John Simmers, one of the most widely respected executives in the independent-contractor brokerage business, said he was stepping down as chairman and CEO from the ING Advisor Network. Less than three weeks later, ING revealed that it was conducting a “strategic review” of its vast insurance businesses — and that review would determine whether the company will sell three of the broker-dealers in the network. Those three firms potentially on the block were Multi-Financial — Mr. McEvoy's former firm — along with Financial Network Investment Corp. and Primevest. According to the ING spokesman, Mr. Ripley, the review is continuing and making “good progress.” He said that Mr. McEvoy would be replaced by Brett Harrison, the firm's vice president of sales and supervision. According to the most recent InvestmentNews' surveys of independent broker-dealers, Multi-Financial had $162.4 million in gross revenue in 2008, along with 1,062 affiliated registered reps.