Deals & People October 29, 2009

Van Hassel Named CEO of ING Investment Unit

Gilbert Van Hassel was named as global chief executive of ING Investment Management, days after ING announced that the division will be spun off as a separate company.

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Van Hassel replaces Jacques de Vaucleroy, who stepped down Monday to “pursue other interests,” the company said. ING also said Monday it is moving toward a complete separation of its banking and insurance operations over the next four years. The plan includes a divestment of all insurance operations, including investment management.

Van Hassel will report to Ton McInerney, who will take on the role of chief operating officer of ING Insurance, with day-to-day responsibility for all insurance and investment management activities, ING said.

Van Hassel joined the company in 2007 as CEO of ING IM Europe. Prior to working at ING, Gilbert Van Hassel pursued an international career with J.P. Morgan, most recently as managing director and global head of Technology and Operations at J.P. Morgan Asset Management in New York.

In addition, ING announced that Jeff Becker was named CEO of ING IM Americas. He was previously COO and head of business of business management and strategy at ING IM Americas. Becker succeeds Rob Leary, who will now become CEO of ING Insurance U.S.

Deals & People October 29, 2009

Raymond James Ups AUM Requirement for New RIAs

In an effort to attract higher-level advisers, Raymond James Financial Services’ Investment Advisors Division increased the minimum level of assets under management required for new affiliations with registered investment advisers (RIA).

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Effective October 1, the new requirement is $50 million, up from $30 million, the company said. Mike Di Girolamo, senior vice president and managing director of the division, said it benefits both the firm and its affiliates to limit access to advisers “at the top of the profession.”

“We have learned that breakaway advisers want to know who their peers will be and want only to work with those who are at least as successful or more,” said Di Girolamo. “It’s similar to a golf game—you only improve your game by playing with golfers who are at the top of theirs.”     

Advisers who do not meet the minimum asset level might be referred to an existing Raymond James office as an alternative, the company said.

“Our goal is to both keep and expand the relationships we have,” said Di Girolamo. “We know several advisers maintain more than one custodial affiliation—so by encouraging those below the minimum to increase their asset levels, we hope Raymond James becomes their primary custodian.”  

As an incentive, the firm re-introduced its Asset Builder Program, which will run for six months from October 15. Raymond James will absorb the transaction charges for the first three months or 30 trades (whichever comes first) of new accounts greater than $250,000. The promotion also absorbs up to $100 of transfer fees on new accounts valued at $500,000 and higher.

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