ING Investment Management Australia has been appointed to manage the Government Service Insurance System (GSIS) of the Philippines’ first allocation to global assets.

The GSIS provides and administers a range of social security benefits for government employees and administers the Philippines General Insurance Fund. Though the size of the mandate is yet to be finalised, ING IM and another global manager will share in a $US1 billion global investment, being made by the GSIS. ING IM Australia’s mandate is to provide a long-term, multi-asset strategy that will involve the investment capabilities of the wider ING IM group. The account will be run from Sydney by the team under ING IM Australia chief executive officer, David McClatchy. He said ING IM had experienced a significant increase in demand for tailored solutions from Asian clients.