ING fences off funds as CFO takes charge

According to an ING spokesperson, the funds management unit has been established to clearly separate it from the firm's insurance and property divisions.

An industry insider close to the ING business told Good Returns Butler's appointment was “unusual” in that he has had no direct experience as a funds manager.

An accountant, Butler joined ING in 1994 after various senior accounting and management roles at a corporate bank.

“I suppose his appointment shows where the business is headed. He [Butler] has probably been hired to sort out ING processes... there's been a lot of problems there,” the source said.