ING named 2008 Fund Manager of the Year by FundSource

Friday 24th October 2008

ING New Zealand, which froze two of its 18 funds in March, was named 2008 Fund Manager of the Year by FundSource, a unit of NZX Ltd.

ING, which froze some NZ$520 million in its Regular Income and Diversified Yield funds, also won four sector awards, with AXA, AMP, Guardian Trust, Tower and Fund Managers Central each winning one sector, according to the statement from FundSource's Yvonne Davie.

She said criteria for next year's awards may be changed because of the unprecedented turmoil in global financial markets. Criteria for the latest awards included a disciplined approach to investment management and delivery of consistent performance, according to the statement.

"The global financial sector has undergone a dramatic downturn that has seen a number of New Zealand fund managers take action to freeze specific funds," she said.

The frozen ING funds both held collateralised debt obligations (CDOs) in their portfolios and were halted because of the level of withdrawals.

FundSource provides investment research and consultancy services to financial intermediaries and fund managers.

By Jonathan Underhill

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