ING Investment Management Americas, the US investment management unit of ING Group, has sold ING Ghent to Rogge Global Partners.
Ken Monaghan, head of Ghent, will continue to lead the team and will report to the Rogge Global Partners’s (RGP) founder and CEO Olaf Rogge. Ghent’s investment personnel have been involved in the negotiations, and all members of the team will make the transition to RGP.
The transaction is expected to close on or around May 31, 2008; the team will continue to occupy their existing New York offices and utilize ING facilities for the next several months through the transition period.
Robert Leary, chairman and CEO of ING Investment Management, said: In considering this change, the top priority of ING and the Ghent team was ensuring that the full interests of our clients were taken care of.
Given its strong fixed income presence and desire to add a leveraged credit capability, RGP was an ideal choice offering clients a number of advantages, including a sole focus on fixed income, commitment to providing additional resources, and RGP’s intention to broaden its business in the European and eventually Asian leveraged credit markets, a natural extension of the Ghent team’s expertise.