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Axa jumping in with capital-protected Oeic

Axa Investment Managers is introducing one of the UK&#39s first limited-issue capital-protected Oeics following relaxation of the FSA&#39s fund rules.

The regulatory change allows investment managers to use derivatives as part of their general investment policy and to cap the number of shares in issue. This enables them to design capital-protected funds.

The company says the overhaul of collective investment schemes regulation to accommodate the creation of onshore structured products looks like an acknowledgement of the growing demand for capital-secure investments.

It will market the fund to selected partners in the high-net-worth market and in the private banking and discretionary managers sectors.

Structured and alternative investment management division director Vincent de Martel says: “Oeics can be used not only as a direct investment but also through Isas, life bonds and pension plans. That makes them the ideal choice for capital-protected products.”

Smith & Williamson head of pensions and financial planning Mike Fosberry says: “Many of our clients have been looking for this type of product and we are pleased to have had the opportunity to contribute to its design. It offers the potential benefits of investing in equities while limiting any downside.”


McFall has wrong perception of endowments

In the recent news item about the Treasury select committee, John McFall huffs and puffs about endowment policies (Money Marketing, February 5). He seems to link the shortfall on endowment performance with sales commission paid. His ignorance of fundamentals is amazing. However, he is a career politician, not an insurance and investment industry specialist, and […]

Pointing the way

Point One is holding a series of workshops around the UK focusing on the basics of future FSA regulation. The workshops will offer Point One members guidance on issues such as the impact of general insurance and protection regulation on firms, the application process, variation of existing permissions for firms already authorised by the FSA, […]

Paul Smee appointed as Practiv non-exec director

Aifa director general Paul Smee is joining IT consultancy Practiv as a non-executive director. Practiv specialises in product delivery and distribution, and advises companies on IFA business solutions. Smee says: “I am glad to be joining a company whose successful operations can help make an IFA&#39s life a lot easier.”

Barnsley Building Society signs partnership deal with Zurich

Zurich Financial Services has announced its fifth partnership link with a building society, with South Yorkshire-based Barnsley Building Society to offer its products. The insurer says the move reaffirms its commitment to providing face to face advice with the public through the bank and building society market. Zurich distribution marketing director Ian McLaughlin says: “The […]

Help, I’ve been appointed as a trustee. What are my responsibilities?

Graeme Robb, Technical Manager at Prudential looks at the key duties and responsibilities of a trustee.  This article will consider the following: Duties to be performed on appointment Investment duties Protecting the interests of beneficiaries Keeping accounts and records Distributing property to beneficiaries Duties to be performed on appointment Obtain a copy of the trust […]


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