Five major names quit ING for Neuberger Berman
Dutch investment management firm confirms major shake-up following departure of unit heads and three managers.
Markets
by Chris Sloley, Atholl Simpson on Jan 30, 2013 at 09:33
Five senior members of ING Investment Management’s emerging markets debt unit have quit the firm for Neuberger Berman, it has been revealed.
Departing the firm with immediate effect are co-heads of the department Rob Drijkoningen and Gorky Urquieta, as well as fund managers Bart van der Made, Raoul Luttik and Prashant Singh.
This line-up boasts a number of currently and previously Citywire rated managers, with Bart van Der Made currently holding a Euro Stars A rating and Gorky Urquieta having previously been Euro Stars AAA-rated.
ING IM confirmed the departures and said Sylvain de Rujiter will serve as acting head of the emerging market debt team following the departures. Jaco Rouw, a fixed income and currency specialist at ING, has also been added to the EMD team.
Meanwhile, a source with knowledge of the situation, confirmed to Citywire Global the five former ING men would be joining US asset management firm Neuberger Berman.
It is understood the new hires will oversee the development of the independent firm’s emerging market debt offering.
'Major blow'
Dutch fund selector Rico Bosma of Amsterdam-based Wealth Management Partners said their departure would be a blow for ING.
‘I’m sure that it will have a big impact on the group and I think something is happening there,’ Bosma told Citywire Global.
‘What I’m seeing is that people are leaving the group and they are reorganising teams. There has been some strategic reorganisation and there are people that are not liking it.’
‘There is more and more pressure at ING to use index products instead of active management and what I have noticed is ING is using less active products when it comes to their offer to end clients.’
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