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Britannic setting up fund arm to offer Isa

Britannic Assurance is launching a unit trust arm to give it a springboard into the Isa market.

Britannic Unit Trust Managers is being set up to enable the life office to sell a full Isa range through its direct salesforce.

Last month, the home service firm revealed plans to sell a select range of products through the IFA market but it is not planning to sell its Isas through IFAs.

Britannic is contracting out administration of its Isa to International Fund Managers UK and will use Lloyds Bank Securities Services as trustees.

Britannic will only offer one unit trust at launch but plans to develop a wider range.

The managed trust Isa, which can be a maxi or mini plan, has a minimum lump-sum investment of £1,000 or £50 a month.

Additional contributions of £500 can also be made.

It will invest mainly in UK equities and fixed-interest securities but will include some exposure to Europe.

There is an initial charge of 6 per cent and an annual fee of 1.25 per cent.

The life office is promoting the unit trust arm through a direct marketing campaign targeting more than 550,000 customers.

It will also offer a cash mini Isa with a minimum lump-sum deposit of £1,000 and minimum top-ups of £250.

An insurance mini Isa will have a minimum lump-sum investment of £1,000 or £50 a month.

Additional investments of £250 can be made. Life cover is 101 per cent of the value of the units.

Sales and marketing director Bill Haynes says: “To provide customers with the opt imum tax-efficiency in their financial planning, it is clearly vital that we offer the three Isa options.

“Our clear focus on advice means we would not find it possible to comply with Cat-standards.”


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