ING Investment Management (INGIM) has called in two offshore portfolio managers to join its Australian equities team, following the departure of four key staff.
INGIM Australian equity team directors Paul Cuddy and Mark East have 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.
The pair will be joined by INGIM senior portfolio managers Guy Uding (Asia Pacific) and Tycho van Wijk (Europe). The duo will take on portfolio management and stock research responsibilities within the Australian Equities team.
As a result of the departures, Standard & Poor's Fund Services (S&P) has placed a number of INGIM's funds; ING Australian Share Trust, ING Select Leaders Trust and ING Blue Chip Imputation Trust, on hold.
"The three-star rating that S&P awarded the manager in 2006 was based in part on Cuddy and East's capabilities and stock-picking skills," S&P analyst Anthony Karaminas said.
"S&P will therefore need to gain comfort with the portfolio-manager and analyst changes to be assured of investment-process continuity," he said.
Morningstar and Lonsec are yet to announce any changes to INGIM's funds.
"We're reviewing our position but want to meet with the two new portfolio managers that have come through," Morningstar head of adviser and research Anthony Serhan said.
