ING named 2008 Fund Manager of the Year by FundSource
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
Related News
Founder resigns from smart metering company New MD at Milford Asset Management ASX CLOSE: Market closes session flat NZX CLOSE: Shares rise; Pumpkin Patch, MHI lead gains Kiwibank to offer tradeable preference shares to raise $100m Australian consumer sentiment keeps edging up Terms of trade rises more than expected on weak imports Wakefield Health in trading halt Satara earnings drop 24% Dollar edges up before trade data and MPS
|
|
Sharemarket News By Email
Previous News
Stock Quote
At a Glance
| NZX 50 Index |
3226.19 |
 |
13.00 |
| S&P/ASX 200 |
4820.00 |
 |
0.10 |
| Dow Jones Industrials |
10564.40 |
 |
11.90 |
Comment & Analysis
|
“
As a bouncy young Minister in 1992, Simon Upton dismembered the Department of Scientific and Industrial Research and created the Crown Research Institutes, to various shrieks of heresy and with perhaps too much the idea they should act like private companies.
In 2010, today’s somewhat backroom-y Science Minister, Wayne Mapp, has presided [...]
”
Pattrick Smellie More »
|
|
|
|


NZX 15 Index
NZX Announcements
|