Head of ING US Investment Management distribution exits

Wed Feb 20, 2013 2:07pm EST

Feb 20 (Reuters) - The head of institutional distribution at ING U.S. Investment Management, one of the core U.S. businesses of Dutch bank and insurer ING Groep NV, has left the firm after less than two months in his role.

Greg Tencza, who ING said joined the firm in early January, was in charge of overseeing the institutional business for ING U.S. Investment Management, a division of ING U.S. Inc. He was a member of the management committee and reported to Shaun Mathews, head of the client group.

An ING spokesman confirmed the departure but declined to comment further.

Prior to joining ING, Tencza spent more than a decade at AllianceBernstein, where he held a number of senior positions, most recently as global co-head of institutional and intermediary distribution.

ING U.S. Inc, which filed for an initial public offering in November, also recently lost its former president and chief operating officer, Robert Leary, who left the firm in September prior to the IPO announcement.

ING U.S. in November filed to raise up to $100 million in an IPO amid efforts by its Dutch parent to comply with a European Union mandate to split its businesses.

ING Groep received a 10 billion euro ($13.37 billion) capital infusion from the Dutch government in 2008 and has been selling assets to repay the bailout.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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