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Biggest Tep deal sees TIS pay 23m

TIS Group has bought the tra- ded endowment policy assets of the BGI Endowment Fund III, a Jersey-domiciled investment trust, for 23.5m in what it says is the biggest-ever single Tep deal.

The BGI Endowment Fund III shareholders last week voted to wind up the closed-ended vehicle and the endowment portfolio comprised 98 per cent of its assets. TIS, which owns Tep market maker Absolute Assigned Policies, paid a 30 per cent premium for the assets at 73p per share against a mid-offer share price of 56p on the day of the deal.

TIS and AAP chief executive officer and chairman Lee Portnoi says TIS is aiming to buy more than 150m of traded endowment policies this year with a view to reselling them to institutional investors.

TIS manages Tep assets of 250m across the protected asset Tep fund and the pro- tected capital growth fund. AAP also sources policies for other collective investment funds.

Portnoi says: “We have substantial demand from our offshore Oeic clients to acquire Teps that matched those held by BGI Endowment Fund III. The sellers were able to realise a substantial premium on the existing share price and our individual clients will be pleased to have secured this portfolio.”


Future perfect?

Nicola York examines the ABI’s latest initiative to safeguard CI business but finds IFAs sceptical of whether it will really benefit clients

PPF takes on fraud responsibility

The Pension Protection Fund board has taken responsibility for the Fraud Compensation Fund, which replaces the Pensions Compensation Board. The fund will provide compensation to occupational pension schemes that suffer a loss that can be attributed to dishonesty.

ABI changes data performance rules

The ABI is changing its rules under which providers of investment funds in the life and pensions sector report their past performance data to ensure each fund appears just once in performance tables.

10 September thumbnail

Johnson Fleming set to hold auto-enrolment support webinar

Two years since the process of auto-enrolment began, the looming re-enrolment deadline provides the perfect opportunity to assess whether the support you have in place, which may well have been hastily selected at the start, is fit for purpose. Johnson Fleming is holding a webinar on 10 September at 11:00 to discover the key issues and concerns you should consider when thinking about your current support options.


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