As well as taking on the CIO role, he will continue his existing responsibilities around strategy, currency management, asset allocation and ING’s multi-manager approach to international equities.

Additional resources will be secured to assist him in these areas.

ING chief executive Marc Lieberman says Houghton-Brown has a broad range of experience across all facets of investment management, and an "unparalleled knowledge of ING’s business, philosophy and operations."

“His demonstrated talents in investment and business strategy are extremely valuable to ING – and all our clients.”

Houghton-Brown is currently interim CIO and will officially take up his new position in mid-October.

Research house Morningstar has welcomed the appointment. It describes its as "a positive one".

"In any organisation, culture is an important factor in success. We believe Houghton-Brown's long tenure at ING and his thorough familiarity with its people, systems, and processes, mean that he is well-placed to nurture and develop the house's investing culture and investment professionals," head of research Anthony Serhan says.

"Because he is a known quantity to ING's investment professionals, we believe Houghton-Brown will be able to hit the ground running working with the various sector heads, and prove less of a distraction than would otherwise have been the case with an external appointment."