Bedbrook, who was in New Zealand last week to finalise details of ING's offer to DYF and RIF investors, said the ANZ/ING venture was well-positioned to survive past its initial 10-year period.

Under the original JV agreement signed in 2002, neither ING nor ANZ could terminate the relationship in the first 10 years of its life unless a “material competitor” bought either of the groups, both parties agreed to a dissolution or in “certain other limited circumstances”.

After 10 years, however, either ANZ or ING would be able to end the partnership with at least one year's notice.

“After 10 years ING or ANZ can end the JV if they want to but the outcome [if the relationship is ended] is unknown,” Bedbrook said. “However, [the 10-year point] would be a natural time for both groups to review their positions.”

He also confirmed ING's revised offer of between 60-83 cents in the dollar to DYF and RIF investors would not be bettered.

“It's a fair and reasonable offer,” Bedbrook said. “I would encourage all investors and advisers to look around at what's happening in world markets.”

He said all funds management firms have been hit by the backlash against complexity and financial engineering as the financial crisis worsened.

“[The industry] is now in danger of becoming simple and dull,” Bedbrook said.

He said for the time-being investors would probably be focusing on yield, preferably in entities backed with government guarantees.

On the life insurance side in New Zealand, Bedbrook said business was “holding up very well”.

“New Zealand does have an incredibly high [life insurance] commission rate but that will adjust,” he said.