S&P withdraws INGIM share funds
Standard & Poor's has withdrawn the ratings on two ING Investment Management (INGIM) share funds following the termination of the funds, effective 6 October 2011.
S&P stated that the ratings of both ING Alpha Plus Australian Share Fund and ING Extended Alpha Australian Share Fund were put on hold when UBS Global Asset Management proposed an acquisition of INGIM in June 2011.
This acquisition closed on 4 October and INGIM has since stated that fund assets will be realised and proceeds returned to investors within 10 business days of the termination announcement on 7 October.
The integration of UBS and INGIM will continue through the first quarter of 2012 and INGIM's existing clients will continue to be managed by its investment and support teams, INGIM stated.
UBS Global Asset Management head Ben Heap said the acquisition would enhance the client offering to include investment options from both organisations.
Recommended for you
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
With many advisers preparing to retire or sell up, business advisory firm Business Health believes advisers need to take a proactive approach to informing their clients of succession plans.
Retirement commentators have flagged that almost a third of Australians over 50 are unprepared for the longevity of retirement and are falling behind APAC peers in their preparations and advice engagement.
As private markets continue to garner investor interest, Netwealth’s series of private market reports have revealed how much advisers and wealth managers are allocating, as well as a growing attraction to evergreen funds.
