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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.”

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