ATR KimEng Financial Corporation, a Philippines-based firm, has hired Michael Ferrer to head its newly-established asset management business in the Philippines.

Mr Ferrer was previously a manager for ING Investment Management's Southeast Asia operations and will introduce investment products to the largely untapped $20 billion Philippine asset management industry, the firm said.

ATR KimEng's asset management business in the country will include ATR KimEng Asset Management Holdings (formerly ATR KimEng Direct Investments) and ATR KimEng Capital, which is the parent unit of trust and funds manager The Mutual Fund Management Company of the Philippines. MFMCP will be renamed ATR KimEng Asset Advisors.