Damien Smith, the chief investment officer of ING Real Estate Select, has resigned after declining to relocate with the fund of funds' business to the firm’s headquarters in The Hague. Smith left at the end of March and a replacement is being sought.
The resignation by Smith, who was also fund manager of the Global Osiris Fund, follows ING’s decision last November to relocate the Select business from London to the Netherlands.
“The Select team have worked to build an extremely successful business over the past number of years which has been considered by many to be a class leader in many respects,” Smith said in an email. “I recognise the decision to relocate the central and global management function of the business to The Hague has been made, unfortunately this is not something which is consistent with my plans or those of my family.”
Smith’s resignation came roughly three months after the departure of founder and chief executive of ING Real Estate Select Nick Cooper, who ran the global Select business from London and also did not wish to move to the Netherlands.
The firm’s re-location was primarily in response to the growth of ING Select over the past few years since being founded 10 years ago.