ING Direct rolls out second managed fund
ING Australia’sbanking subsidiaries, ING Direct, has rolled out its second managed fund product in 12 months.
The fund, called the True Blue fund, invests in growth oriented stocks listed on theAustralian Stock Exchange(ASX) and is targeted at people looking to invest for at least a five year period.
According to ING Direct’s head of Direct Banking, Craig Kennedy, customers will have access to shares, convertible securities and units in listed property trusts through the fund.
Kennedy says the launch of the second managed fund product stems from research conducted by ING into the popularity of managed funds with its investors. The research found that ING’s investors reacted strongly to the idea of an Australian share fund.
Key feature of the fund include no entry or exit fees, as well as no minimum investments and no minimum balances.
ING Direct rolled out its first managed share funds, All Rounders, in May last year. All Rounders currently has more than $37 million under management.
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
