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Standard & Poor's has withdrawn the ratings on two ING Investment Management (INGIM) share funds following the termination of the funds, effective 6 October 2011.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.
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