INGIM global emerging markets fund rating suspended
ING’s move to create a new global emerging markets boutique has resulted in the placement of its Global Emerging Markets Fund ‘on hold’.
Standard & Poor’s Fund Services (S&P) has placed the fund on hold, following a three-star rating.
ING Investment Management’s (INGIM) global emerging markets strategy was previously managed by a small, centrally located investment team — the majority of whom have recently departed the company.
Its management will now be transitioned to the newly established boutique, with an implementation target date of 1 August, 2010.
Rob Drijkoningen will head up the emerging markets boutique globally, while Hong Kong-based Guy Uding will lead global emerging markets equities.
S&P analyst Nathan Bode said it was clear that INGIM had sought to reinvigorate its emerging market equities and debt offerings.
“What is unclear is how successful INGIM will be in exploiting its on-the-ground presence within emerging markets to service and improve performance within its global emerging market equities strategy,” he said.
“This is something which will be tested over time,” Bode added.
S&P will meet with the new team over the next few months, when the new structure has been bedded down.
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