Advisers demand more from ING

Paul Markham, Auckland-based adviser and spokesperson for the disgruntled advisers, said at a “very frank” meeting held with senior ING management, including the group's new CEO, Helen Troup, the “delegation emphasised repeatedly that a solution had to be found immediately for investors”. “We were very emphatic that unless a significantly enhanced solution was offered that investors can live with, that ING's image would be seriously tarnished (much more so than it has been already),” Markham said in a statement.

“The delegation was demanding nothing but a 100% solution for investors but ING advised that this was not possible.”

Last week ING released its rescue package for the RIF and DYF products that included an upfront loan of $100 million “at favourable commercial terms” and a gradual wind-down of the funds.

When ING closed the RIF and DYF to redemptions this March they were collectively valued at about $520 million but have approximately halved in value in the intervening months. At their peak the two funds were worth around $850 million in total.