ING Real Estate Investment Management revealed today that Nick Cooper, founder and chief executive of its multi-manager business, ING Real Estate Select, has resigned and will leave the business at the end of December.
Cooper said in a statement that the Dutch bank’s decision to relocate the business from London to the Netherlands did not “fit” into his life or career plans.
“I have therefore declined ING Real Estate’s offer to remain part of the business. I do however wish Select and the team on-going success which they thoroughly deserve,” he added.
George Jautze, chief executive of ING Real Estate Investment Management, said he was sorry to see Cooper leave but understood his decision.
Cooper is a veteran of ING having been with the group for more than 20 years.
He founded ING Real Estate Select in 2000 when it became one of the first real estate multi-manager businesses to be established at that time. He is also a former chairman of the Association of Real Estate Funds.
Although he is stepping down from his role as chief executive, he will continue to have a role with ING Global Real Estate Securities, a London listed Guernsey based company launched in 2006.
He is the latest in a long line of ING stalwarts to leave ING of late. It comes amid a turbulent time for the group. In October, ING disclosed plans to hive off its indirect property management business within four years as part of wider plans to split the banking and insurance giant into two.
The Dutch financial services group revealed it is separating its insurance business to concentrate on its core banking operations following pressure from the European Commission over the €10 billion of state aid it has received.
As ING Real Estate Investment Management is part of the global investment business, it would be divested before the end of 2013.