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Standard & Poor's has withdrawn the ratings on two ING Investment Management (INGIM) share funds following the termination of the funds, effective 6 October 2011.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.
Recommended for you
Clime’s disposal of advice licensee Madison “needed to happen yesterday”, managing director Michael Baragwanath has told Money Management, as he concludes a severe cost-out period at the business.
As Viola Private Wealth continues on its growth trajectory, the wealth management firm has appointed a seasoned investment professional to be its first chief investment officer.
Financial advisers who wish to implement artificial intelligence in their practices need to undergo a change in their mindset as to how they use technology.
With United Global Capital expected to constitute a substantial portion of CSLR compensation in FY25–26, what has AFCA ruled in its determinations on the company so far?
