News Round Up

ING crowned - again, Offer closes, Two ING fund reports out, Firms to avoid.

Monday, April 30th 2007, 6:56AM

As reported in the Good Returns Weekly Wrap on Friday, ING was crowned the INFINZ Fund Manager of the Year at an awards ceremony held last week. ING now holds all three FMOY awards on offer in the market.

Also at the Awards, former Tyndall managing director Anthony Quirk was recognised for his efforts in the industry.

St Laurence offer closes
St Laurence Property & Finance Mandatory Convertible Property Notes offered to shareholders and existing note holders has closed with an 89% acceptance rate.

“This result is a reflection of the increasingly positive view being taken by the broader investment community of St Laurence Property & Finance’s and its strategy and direction. As previously advised, the funds will initially be used to retire debt and to pursue future property acquisition opportunities,” SLPF executive chairman Kevin Podmore says.

The company, as underwriter of the offer, has taken up the shortfall.

Two INF fund reports out

Morningstar has released research on ING’s two main fixed interest funds; The Credit Opportunities Fund and Enhanced Yield Fund.

It has given the former an investment grade rating and the latter a recommended one. Morningstar’s five ratings bands start at Highly Recommended, the goes to recommended, investment grade, hold and avoid.

Firms to avoid
The Securities Commission says a “new wave of telephone share scams seems to be underway” in New Zealand.

It says it is getting an increased number of enquiries about offers of investments from bogus overseas brokers. These enquiries target people with small businesses and are convincing and persuasive.

The commission’s advice is: “Hanging up on them is the best response. Talking to them gives them the opportunity to persuade people to send money. Money once sent is inevitably lost.”

It names Prestige Group Limited apparently from the US; Brown & Company Trading Inc from Japan; and Deacons Lasalle from London as three firms to avoid.

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