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ING Asset Management's Asia Pacific CEO Bailey to leave

Thursday, 11 Oct 2012 | 1:54 AM ET

HONG KONG, Oct 11 (Reuters) - ING Investment Management's Asia Pacific Chief Executive Officer Grant Bailey is leaving the company, Bailey said on Thursday.

Bailey's departure comes as ING is engaged in advanced talks to sell its Asian investment management business as part of the Dutch financial services firm's strategy of divesting assets.

"I will be leaving the company in due course," Bailey told Reuters, adding that he was leaving for personal reasons.

AsianInvestor, which first reported the news, said Bailey's departure comes as negotiations between Ameriprise Financial Inc

and ING over sale of its Asian investment management business broke down.

Bailey declined to comment on the talks. An external spokeswoman for Ameriprise declined to comment.

(Reporting by Denny Thomas; Editing by Daniel Magnowski)

((denny.thomas@thomsonreuters.com)(+852 2843 6358)(Reuters Messaging: denny.thomas.reuters.com@reuters.net))

Keywords: ING/ASSETMANAGEMENT CEO