Wealth Management Revamp for ING

New York — ING Group NV says it has realigned its U.S. wealth management business. The new structure simplifies the business model by separating annuities from retirement services, the Dutch company said last week.

The U.S. business now has four business units: retirement services, annuities, insurance and investments. Previously, retirement services and annuities, the two largest business lines, operated within the wealth management unit.

ING also said Kathleen Murphy has stepped down as the chief executive officer of ING U.S. Wealth Management and will start working at Fidelity Investments next month.

Catherine Smith, the CEO of U.S. insurance, will become the CEO of U.S. retirement services, ING says. She has worked for the company for 25 years.

Butch Britton, the president of U.S. life insurance, will become the CEO of that line. He has worked for ING for four years.

Bill Lowe, who was the president of wealth management wholesale distribution, will become the CEO of U.S. annuities. He has worked for ING for 20 years.

Source: American Banker