ING said it had suspended withdrawals and would wind down its Private Portfolio Service Diversified Trading Fund (DTF) after increased redemption requests forced it to act to protect all unit holders the same. The DTF fund was 40% allocated into the BT Global Return Fund, which was suspended last month, with the rest in the Winton Evolution Fund. The fund has NZ$6.4 million invested. Meanwhile, ING told investors in its frozen Diversified Yield Fund (DYF) and its Regular Income Fund (RIF) that it would delay its planned March 31 vote on winding up the fund. The funds once had NZ$520 million invested in them, but have since lost more than two thirds of their value because of their exposures to investments in Collateralised Debt Obligations and other toxic debt instruments. "We had hoped to complete the voting process (in respect of the proposal) by 31 March 2009," ING said. "However, it is now apparent that meeting that date is not realistic if we are to review, and potentially incorporate, the feedback we have received into the proposal, provide documentation to both you and advisers, and give you enough time to consult with your adviser regarding the details of the proposal," ING said. * This article was first published yesterday in our daily subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.
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