Wealth management company ING Australia is on the lookout for a new chief executive after the promotion of Paul Bedbrook to regional CEO for ING Insurance Asia-Pacific.

Mr Bedbrook will relocate to Hong Kong, where he will take up the regional CEO job in May. His remit extends to ING Insurance operations in Australia, NZ, Japan and Malaysia, and includes responsibility for bancassurance in the region.

In his new role, Mr Bedbrook will oversee ING's 51% stake in ING Australia. The wealth management joint venture was formed in 2002. ANZ Bank controls the remaining 49%.

In the year to September 30, the joint venture recorded a 28% increase in its net profit of $311 million.

Mr Bedbrook was appointed CEO of ING Australia in July 2003. In a statement, he cited growth and performance as key to the venture's strong market position. He added that customers were seeing the benefits of fierce competition for business and gains in efficiency.