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Another £10m for SEI Dublin operation

Scottish Equitable Internat-ional has committed a further £10m for development of its Dublin operation.

The extra funds underline SEI&#39s intention to become a top-three player in the UK offshore market over the next few years.

The move comes as SEI pulls its marketing efforts from the Italian market after recent changes in the Italian tax system abolished inheritance tax, denting SEI&#39s business proposition.

The group says that while it will maintain its Milan office to service existing clients, it is now severely cutting back its Italian marketing. How-ever, it will continue to keep an eye on the market for future opportunities.

SEI, which is owned by Dutch insurance giant Aegon, believes the UK offshore market is one of the fastest-growing areas of financial services in Europe, predicting growth of around 13-15 per cent a year in the near future.

Managing director David Healy says: “At SEI, our international strategy has always been one of controlled growth. The UK market offers exceptional development prospects for international products.

“Italy has provided us with a valuable source of business for a number of years but the fiscal environment has chan-ged. Strategically, it makes more sense for us to refocus our resources to the UK market and maximise the opportunities there in the medium term. Dublin offers a host of product development options and we are deciding our next move. There are a number of key trends within the UK market which we are looking at closely. We are researching different product shapes.”

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