ING Group is reorganizing its American wealth management business, says Darla Mercado of InvestmentNews. The Dutch firm is dividing its U.S. unit into separate divisions for annuities, retirement services, investments, and insurance. ING’s largest businesses are its retirement and annuity units.
Darla also reports that ING has several new executives for these units. Wealth management CEO Kathleen Murthy is departing ING and her position will be replaced with separate CEOs for each division. Catherine Smith will be in charge of the U.S. retirement services division, while Butch Britton will take over from her as CEO of U.S. insurance. The new CEO of U.S. annuities is Bill Lowe.