OnePath on track with awards
OnePath enjoyed a winning start under its new name after securing the 2010 Fund Manager of the Year Award at the FundSource Managed Funds Industry Awards in Auckland.
Tuesday, November 23rd 2010, 7:56AM 
10 Comments
The fund manager formerly known as ING also scooped the inaugural FundSource KiwiSaver Scheme Manager of the Year award, seeing off competition from AMP and Fidelity.
In what was a successful night for OnePath the fund manager also secured the sector awards for International Equity, Diversified Defensive, Diversified Balanced and Diversified Growth.
OnePath funds management managing director Paul Butler said the awards success was "a great start for the brand and a good springboard for 2011."
He cited OnePath's large, stable team and robust processes for their success, adding that the wins are especially enjoyable coming in what has been a "challenging" year for the managed funds sector.
He said awards recognition and factors such as the regulatory overhaul and creation of the Financial Markets Authority (FMA) were all important in helping rebuild public trust in the financial services sectors.
Other winners at the Awards included Tyndall Investment Management - recently taken over by Japan's Nikko Asset Management. Tyndall scooped the awards for NZ Equity (Australasian) fund manager and Best New Initiative for their Tyndall Corporate Bond Fund.
AMP took home two awards for NZ Equity fund manager for its AMP OnePath NZ Shares Trust and Fixed Interest for the AMPCI NZ Fixed Interest Trust.
The award for NZ Cash manager went to NZ Guardian Trust for the Guardian Cash Fund.
FundSource said this year there were no nominees in the NZ Mortgage, International Fixed Interest or NZ Property sectors satisfying Awards criteria.
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Comments from our readers
If this is the best of the Kiwisaver managers, then what does it say for the rest of them??????
“It is difficult to see how ING conducted the diligence that it promised to investors.” (p. 36, para 139)
“Professional managers would have been alerted to the spread risk in their portfolio...” (p. 27, para 91)
“ING bought investments for which it could not know the contents… ING also did not track and manage effective leverage… (p. 47, para 186)
“ING did not perform appropriate returns attribution analysis or disclose the results.” (p. 38, para 141)
“ING did not track and manage the portfolio’s spread duration.” (p. 39, para 144)
In the end, the Grieves Report concluded:
“The Funds contained multiple, large risks that ING did not measure or manage, which led to a loss of nearly 80% of the capital.” (p. 48, para 191)
If this is the best of the Kiwisaver managers, then what does it say for the rest of them??????
HOwever will make this comment. Yes wew agree the matter has been well reported. It's time to move on. ING/OP has acknowledged the problems and made payments etc.
Those funds were just a couple of the many the company runs. Clearly it runs the other funds well and deserves acknowledgement for that.
I will say the people making these comments are associated with the Frozen Funds group.
Yes it is time to move on.
Did other equally large financial service providers?
Name one.
ING, now OnePath, never intended for this horrible chapter to happen. Agreed there were some bad investment decisions, however over the last two and half years they have endured a lot of criticism and pain.
Everyone at ING NZ feels for the suspended fund investors, a notable number of the ING staff are investors in the same funds themselves. The staff never received preferential treatment.
The staff at One Path are good people who work hard and want to do well for their clients and their shareholders.
They've done their time and it's a brand new start for them - i wish One Path the best of success.
P.s. as Neil said who else has fronted in NZ and made a better offer than ANZ Group?
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After all, it is only five months ago that the Commerce Commission investigated ANZ/ING's Diversified Yield and Regular Income Funds and issued this ringing endorsement:
"The Commission is of the view that ING and ANZ … engaged in misleading or deceptive conduct and/or made false or misleading representations.”
The Commission added it had:
"Sufficient evidence to commence criminal and/or civil proceedings against ING and ANZ.” (ComCom, 24-06-2010, p1)