Standard & Poor’s Fund Services has withdrawn ratings on ING Alpha Plus Australian Share Fund and ING Extended Alpha Australian Share Fund following notification of the termination of the funds effective 6 October 2011 by the responsible entity.
Both funds were placed ‘On Hold’ when UBS Global Asset Management proposed the acquisition of ING Investment Management in June 2011, this closed on 4 October 2011.
ING Investment Management has stated fund assets will be realised and proceeds returned to investors within 10 business days of the termination announcement on 7 October 2011. Proceeds will be calculated and distributed in accordance with the relevant provisions of the fund’s constitution.