ING Australia, the wealth manager, has logged a 22 per cent rise in annual net profit and announced a new chief executive who will oversee its e-business overhaul, according to a AAP report. The life insurer and fund manager recorded a net profit of $314 million for 2007 compared with $257 million in 2006. The business, which is jointly owned by Dutch banking giant ING Group and ANZ Banking Group, booked a 37 per cent increase in core operating profit to $271 million. Chief executive Paul Bedbrook is moving to head ING's Hong Kong-based operations on April 28. He will be succeeded by US-born Harry Stout, who heads ING's wealth management market segments division. ING's inflows, by value of new business, rose by 34 per cent to $156 million.