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Categories:Offshore,Pensions

MetLife's bond duo aims to test Jersey prospects

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MetLife will look to expand its range of Jersey-based pension products if its initial launch of two guaranteed bonds is successful.

Earlier this month, MetLife confirmed plans to launch Jersey-based guaranteed growth and guaranteed income bonds imminently.

The growth product offers a choice of three BlackRock portfolios - defensive, conservative and cautious. All capital is protected and growth is locked in at the anniversary of the contract.

The income product also uses the three BlackRock portfolios and is guaranteed not to fall in value, irrespective of investment conditions.

MetLife has appointed Paul Frankland as sales development manager. Frankland joins from Aviva, where he was investment sales man- ager.

He has worked in financial services in Jersey for the past 17 years.

MetLife product marketing director Peter Carter says the provider could launch more Jersey-based products if its initial foray is successful.

He says: “We looked at the market in Jersey and we thought it was significant enough to take it forward and sell some business.

“If the guaranteed growth and guaranteed income products go well then we will look at other products that we have tried in the UK for launch in Jersey. We are trying to mirror the success we have had in the UK over there.

“I would imagine that if we are successful then other providers who are not in Jersey already will have a close look.”

Prudential International, Skandia and Scottish Widows also write pension business in Jersey.

Prudential International investment manager Paul Fiddell says: “The Channel Islands is an important market where we have been active for several years.

“MetLife’s entry can be seen as a further recognition of the importance of what is a small but growing market.”

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