27 May 2009

ING adds Nelson to investor meetings

10:32 pm on 27 May 2009

Financial services company ING New Zealand has included Nelson in a national roadshow after pressure from disgruntled investors with millions of dollars tied up in two frozen funds.

Investors from Nelson and Marlborough were angry they were not included in a series of meetings in June to outline the future of the funds.

But in an about-turn, ING said on Wednesday it will now hold a briefing in Nelson, one of 10 centres it will visit with representatives of ANZ Bank, which owns 49% of the company.

Investors say they will demand answers from ING about the failure of funds they had been told were low to moderate risk.

The funds, originally worth more than $500 million, were frozen last year after their value crumbled.

Investor Paul Milsom says there are a significant number of investors in Nelson and Blenheim and they wanted to hear from ING and ANZ in person.