Top B-D exec at ING Advisors Network exits amid talk firms will be sold

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 resigned this month as chief executive of Multi-Financial Securities Corp., the smallest of the four broker-dealers in the ING Advisors Network. Dana Ripley, a spokesman for ING, said that he 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., ING Financial Partners and PrimeVest Financial Services Inc. In April, John Simmers, one of the most widely respected executives in the independent-contractor brokerage business, said that he was stepping down as chairman and chief executive of the ING Advisor Network. Less than three weeks later, ING said that it was conducting a “strategic review” of its vast insurance businesses — and that that review would determine whether the company will sell three of the broker-dealers in the network. Those three firms potentially on the block are Multi-Financial, FNIC and PrimeVest. Mr. Ripley said 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 last year, along with 1,062 affiliated registered representatives. E-mail Bruce Kelly at [email protected].