ING Investment Management, the funds arm of the Dutch insurance group, is changing the way it pays its investment staff - including proposals to claw back bonuses from fund managers who post good results one year, only to lose money the next. The model tallies closely with the calls of some politicians and regulators for changes to the way financial services professionals are paid.

Jan Straatman, who pioneered revolutionary techniques to harmonise assets with liabilities at UK life assurer Pearl Group, took over as chief investment officer for ING's €333bn ($423bn) investment management operations in August. One of his first moves has been to introduce a new remuneration model.