Sharechat Logo

ING named 2008 Fund Manager of the Year by FundSource

Friday 24th October 2008

Text too small?
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



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

28th October 2021 Morning Report
Wellington Drive Technologies Limited (NZX: WDT) Performs Strongly in Q3-2021
Ryman Healthcare Limited (NZX: RYM) Acquires Extensions to Two Existing Victorian Sites
Promisia Healthcare Limited (NZX: PHL) Banking Covenant Update
Pictor Limited Announces Start of US Clinical Trials for SARS-CoV-2 Serology Test
Arvida Group Limited (NZX: ARV) Opening of Rights Offer
Move Logistics Group Limited (NZX: MOV) Announces $40m Capital Raise
27th October 2021 Morning Report
The a2 Milk Company Limited (NZX: ATM) Investor Day 2021
Contact Energy Limited (NZX: CEN) Considers Green Capital Bond Offer