Calling all investors in ING Diversified Yield Fund
By VoV | ING | Wednesday 19th May 2010VoV has been in touch with the Frozen Funds Group, an action group working on behalf of investors in the ING Diversified Yield Fund. Here is what they have to say…
A group of us investors (+ a few advisors) banded together over a year ago to form the Frozen Funds Group. We have been battling with ING/ANZ for compensation and believe that at least partly through our efforts have achieved a 60 cents in the dollar payout thus far. However, we are still battling for full restitution.
We presently have over 1,100 members. However, the total number of investors who invested in these funds was approximately 13,000. Therefore, we still only have a minority of the total investors at the moment.
If you were an investor in these funds, we would love to hear from you. The more members we have the more ‘muscle’ we have.
Membership of our group is free and we produce a regular newsletter which is distributed to our members and the media and politicians.
You can view our web-page at www.frozenfunds.org.nz and can e-mail us at INGANZFrozenFunds@gmail.com.
You may be aware that the Commerce Commission has investigated ING/ANZ and their marketing of these funds. It has made its decision and is presently in discussions with ANZ/ING. We are expecting an announcement soon. We are cautiously optimistic of a positive outcome for investors.
Once again, we would love to hear from you if you have been an investor in these ING funds.
If you had any sort of balanced portfolio with Vestar, it is likely you were put into the ING Diversified Yield Fund. If you did have any money in this dreadful fund, I encourage you to make contact with the Frozen Funds Group.
Wednesday 19th May 2010 at 2:37 pm
I did not have any money invested with this group to my knowledge.
Garry
Thursday 20th May 2010 at 12:23 pm
I’d endorse the “Frozen Funds” spokesman’s comments. Largely through the efforts of this group, ING’s first, derisory offer was rejected and eventually the 60 cents repayment was offered. Disappointing though that may be, it is a far far better result than we have had, and can expect from the rest of the rubbish that Vestar induced us to invest in.
While the core of the group is investors who were sold on ING through the ANZ Bank, there are many others like ourselves who invested via Vestar and presumably other channels. We will benefit too if there is any additional recovery. I’d encourage Vestar investors to subscribe to the newsletter which is always interesting and relevant,These folks have done a great job on our behalf.
Thursday 20th May 2010 at 2:26 pm
Thank you for your words of encouragement, Alan.
In fact only approx. 2,700 of the 13,000 investors were via ANZ advisors. The balance via ING, Vestar etc. advisors.
We understand that over half of the ANZ investors have now received full (or almost full) restitution. We continue to fight for the remaining 11,000 approx. investors.
That still leaves a lot of investors out there who may not know that we exist. We would urge any of you who were sold these ING products by Vestar to contact us.
We are now waiting for the Commerce Commission’s decision. We believe they have found ING/ANZ guilty. Discussions are now taking place between the Commerce Commission and ANZ. We await the outcome of those discussions with ‘baited breath’.
The “show ain’t over until the fat ‘lady’ sings”!
Please contact us if you have been sold either ‘ING’s ‘Diversified Yield Fund’ or ‘Regular Income Fund’.
You can either e-amail us or if you look at our web-page you will see the contact details of our people in your area.
Good luck with your own battle with Vestar and its shareholders and directors!
Friday 21st May 2010 at 11:17 am
Our Family Trust was advised by a “Financial Advisor” to invest
$63,000 in Diversifield Yeild Fund and a further $95,000 in the Regular Income fund.
We accepted the ANZ offer believing something was better than nothing and received a total of $95,000 into an ANZ account.
Regards