Henneberry have left Citicorp to form a new subsidiary of ING Capital called ING Capital Advisors. ING Capital Advisors offers a spectrum of floating rate corporate loan investment products to banks, insurance companies, and traditional institutional investors. The new entity is the first to provide institutional investors with direct access to the floating rate corporate loan market on a pooled, pass- through basis. The former Citicorp bankers will be joined by Michael McAdams, a former senior vice president at Pilgrim America and the founding portfolio manager of the Pilgrim Prime Rate Trust. Mr., McAdams will assume the role of chief investment officer and direct the portfolio management effort. Mr. Asarnow and Ms. Henneberry will direct the firm's marketing effort to the banking and pension fund communities. Mr. Asarnow had, in 1993, helped design the Citicorp loan index, a tool for measuring the performance and credit risk of a portfolio of loans against the market as a whole. Mr. Smith will structure and market loan-based investment products to the insurance industry. ING Capital Advisors will be based in New York and Los Angeles

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