Global markets have been savagely mauled but the signs of recovery should be easy to spot. Tower’s Michael Coote goes bear-hunting.

Nearly nine months after ING suspended redemptions in its two big credit funds it is now scrambling to put together a rescue plan, of sorts, and start communicating with investors and advisers about its plans.

ING New Zealand is closing two other credit funds as well as seeking to wind up its bigger Diversified Yield Fund and Regular Income Fund.

Marac has launched its Term Deposit PIE fund, with something a little different.

ING New Zealand says it plans to wind up its two distressed credit funds which owe investor more than $500 million and have been suspended for most of the year.

Direct-selling insurance firm Pinnacle Life has added a serious illness cover policy to its product range, which it says will help its push into the adviser market.

Hanover Finance has succeeded in its restructuring plan with all four resolutions put to a meeting in Auckland being passed.

And the questions have started. One United Finance investor asks if Hanover will be responsible for Axis liabilities.

The Hanover meeting on its debt restructuring has started with an independent chairman, lawyer Chris Darlow appointed to conduct proceedings.

Hanover says a last-minute attempt to disrupt tomorrow’s meetings of investors to consider the group’s debt restructure proposals has failed.

Kelley O’Dwyer has taken up the position of national sales manager Wealth within Kiwibank.

ING credit funds down again; EUFA asks court to stop Hanover meeting; Lower OCR plus for commercial property; Unlisted turns five.

Two themes come to mind this week with our news. One is communications and the other is falling interest rates.

Auckland

Richard McIntosh has been appointed to the position of head of legal and compliance for AIG Life.