Top Scoops

Book Reviews | Gordon Campbell | Scoop News | Wellington Scoop | Community Scoop | Search

 

ING New Zealand proposes wind-up of four funds

ING New Zealand proposes wind-up of four funds

Dec. 10 – ING New Zealand, which froze its Diversified Yield and Regular Income funds in March, proposed winding up the funds with some NZ$100 million of cash available for investors.

Some 8,000 investors with NZ$521 million were caught in the frozen funds. Separately, ING said it will wind up its NZ$27 million Enhanced Yield Fund and NZ$8 million Credit Opportunities Fund.

“The financial world has changed dramatically for all of us,” chief executive Helen Troup said in a statement.

ING is recommending to the trustee that the DYF and RIF should be wound up over an extended period of time, according to a statement. The NZ$100 million would be a non-recourse loan that has to be paid back before the cash generated through the wind up would be returned to investors.

The DYF fund fell 25.16% in November and had dropped a further 6.22% in the first few days of December to have a unit price of 41 cents, according to the www.goodreturns.co.nz web site. The RIF fell about 28% last month and a further 6.3% in the first three days of December to a unit price of around 34 cents.

The unit prices were 81.05 cents and 70.5 cents respectively when the two funds were frozen, down from the issue price of NZ$1.

(Businesswire)

ENDS

© Scoop Media

 
 
 
 
 
Top Scoops Headlines

 

Scoop HiveMind Project: Universal Basic Income - Are We Up For It?

This is an opportunity for you as one of the 4 million potential funders and recipients of a Universal Basic Income to collectively consider the issue:
1. Is UBI is a desirable policy for New Zealand; and
2. How should a UBI system work in practice. More>>

ALSO:

Lyndon Hood: National Announces Plan To Hit Youth With Big Mallets

The National party has announced its youth justice policy, which includes a controversial plan for recidivist serious youth offenders to be hit over the head with a comically large rubber mallet. More>>

ALSO:

Lyndon Hood: This ->

It's been brought to my attention that Labour's new campaign slogan is "Let's do this". A collective call to action. A mission. I myself was halfway out of the couch before I realised I wasn't sure what it was I was supposed to do. More>>

ALSO:

Scoop Hivemind Report: What New Zealanders Think About Affordable Housing

Ordinary citizens have had very few venues where they can debate and discuss as to what they believe has led to the crisis in affordable housing and how we might begin to address this. The HiveMind on affordable housing was about redressing the balance. More>>

ALSO:

New Hivemind Exploration: Opening The Election - Freshwater Quality

This is an opportunity for you as one of the 4 million guardians of our common water resources to help us find mutually agreeable solutions to the critical task of collectively managing these resources for health and sustainability. More>>

ALSO: