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ING Investment Management Middle East appoints Farah Foustok as Chief Executive Officer

February 16, 2009 11:29 am

The move confirms ING IM’s commitment to the MENA region and its confidence in the positive investment stories available despite current market conditions.

Foustok replaces Grant Bailey who has been appointed as a Regional General Manager for ING IM in Asia Pacific. Effective from 15th February, Foustok will build on the successful launch of ING IM’s first MENA equities fund in December 2008, adding new locally manufactured asset vehicles in 2009. Tapping into the global distribution capabilities of the ING IM network, Foustok also plans to bring more of the firm’s international investment strategies to MENA institutions.

Foustok brings to the role a wealth of regional experience and an excellent understanding of the ING IM team having joined as Chief Investment Officer when the office was established in early 2008. Well regarded in the local financial services sector, Foustok previously built and managed the asset management team at NBD Investment Bank where she was responsible for approximately $2bn AUM.

Commenting on her new role Foustok said, “ING IM is wholly committed to the region and will continue to offer the high quality products and services our clients expect. I would personally like to thank Grant for all his hard work and guidance over the past year. He will be missed but we are in a strong position now to make our next steps forward; the future for the region remains bright.”

Bailey added, “I’ve greatly enjoyed my time in the Middle East, working closely with Farah and the great team we’ve built. Farah is an excellent choice to lead ING IM Middle East. She knows a great deal about the region, is recognised as a valuable asset by ING IM globally and has a strong track record with the team, many of whom she has worked with before. I look forward to watching them progress as I take on my more strategic role as a Regional General Manager with ING IM Asia Pacific based in Hong Kong.”

ING Investment Management was the first international investment management firm to establish a base in the region to locally manufacture Middle East investment strategies, giving investors an advantage through its combination of local knowledge and proprietary research, global distribution and international best practice investment processes, compliance and risk procedures.