ING Barings has appointed Richard Derman, former managing director of Fedsure Asset Management, as head of its South African operations.

Derman will work closely with Richard Savage, chairman of ING Barings Southern Africa, reporting to Philippe Damas, UK country head. Martin McWilliam, managing director of corporate finance at ING Barings in London, said that because South Africa is just one hour ahead of the UK, and close to Europe, it made sense to have such a reporting structure. McWilliam helped to set up the bank's South African operations, which now employs 80 staff.