Dutch banking major ING Group is planning to shut down its equity investment management business in the Middle East and North Africa following the departure of its Dubai-based team.
Karl Hanuska, a spokesman for ING Investment Management in the Netherlands, said that the closure comes as part of the firm’s strategy to maintain asset management operations in countries where it has a strong insurance presence.
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Hanuska added that Farah Foustok, the CEO of the business in the region, is one among those who are leaving the firm.
The Dubai team, which had about six people, managed 314 million ($425 million) of assets at the end of 2013.
However, the Dubai office will remain as a sales office following the closure.
ING is closing its global insurance and asset management operations as it completes a European Union imposed restructuring program.
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By GlobalDataAdditionally, the bank is planning to sell its insurance operations in Europe and Japan, together with its asset management operations in the Middle East, Europe, Singapore, Japan and US in an initial public offering this year.
Hanuska said: "We had been reviewing the team because we had a small asset base."
