S&P Puts 15 ING Funds ‘On Hold’ Due To UBS Global Asset Management’s Intention To Acquire ING Investment Management (Australia)
Standard & Poor’s Fund Services has placed 15 funds managed by ING Investment Management (Australia) Ltd. (ING IM) ‘On Hold’ following today’s announcement that UBS Global Asset Management has entered into a binding agreement to acquire ING IM. The acquisition is expected to close in October 2011 subject to Dutch Central Bank approval.
ING IM had A$34 billion in assets under management as of March 31, most of which is managed on behalf of ANZ’s wealth management business, OnePath. ING IM has stated that it will be working with UBS Global Asset Management to ensure a smooth transition for all funds and that there will be no changes to the way these funds are managed in the short term.
There are no changes to the ratings on funds managed by UBS Global Asset Management at this time.
“In S&P’s view, the uncertainty surrounding the ongoing management of the funds managed by ING IM has led us to place these funds ‘On Hold’. We will seek to resolve the ‘On Hold’ status for these funds when we have gained further clarity on the structure following the integration,” said S&P Fund Services head of research Leanne Milton.
The OnePath OA IP-OnePath Income Plus EF/Sel and ING Wholesale-ING Global Bal Emerg Mkts funds were already ‘On Hold’ before today’s announcement and remain ‘On Hold’.
