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 launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
