The departure of senior staff from ING Investment Management’s (INGIM) Australian equities team has promoted one research firm to recommend investors take their money elsewhere.
According to a report from research house Morningstar, advocating investing in INGIM’s emerging companies strategy while the organisation has staff retention issues is currently difficult.
“The shop’s had more than its fair share of departures from its Australian equities team over the past four years, and is yet to demonstrate an ability to keep its senior investment talent,” the report said.
Last week INGIM Australian equity team directors Paul Cuddy and Mark East resigned along with two of the group’s analysts, Michael Chun and Michael Malseed.
INGIM chief investment officer asset strategist and alternatives James Wright and INGIM head of investment process and quantitative services Michael Price will now head up the group’s Australian equities team. They will be joined by INGIM senior portfolio managers Guy Uding (Asia Pacific) and Tycho van Wijk (Europe).
As a result of the departures, Standard & Poor’s Fund Services (S&P) has placed a number of INGIM’s funds on hold. Morningstar has now also placed these funds on hold.
“Until we can see some stability and consistency in personnel at ING, we think investors should look elsewhere, and will be watching developments from the sideline,” the report said.
Late last week, it was reported that financial services group Bennelong had lured four of the INGIM equities team into its fold. However, Bennelong’s Brown yesterday refused to confirm whether they would be joining Bennelong.
Former IOOF and Standard and Poor’s executive Jarrod Brown was lured to the group as chief executive for Bennelong Funds Management last September.
Bennelong Group is an investment and funds management group founded in 2000 by businessman Jeff Chapman.
