Lazard Asset Management is adding a life insurance option to its successful Personal Portfolio Service.
The new Capital Pledge option, provided through M&G Life, will provide a capital payment of at least 101 per cent of the original sum invested in the event of the death of the insured investor.
Lazard director Rupert Tyer says the product is designed to make the group's discretionary portfolio service – which has attracted more than £200m under management in less than three years – more attractive to IFAs.
"This is an increasing part of the asset management market and we want to remain a leader in that market," Tyer says.
He says the new product has been developed for investors wanting to take advantage of equity investments while preserving capital for the benefit of surviving relatives and other beneficiaries in the event of death.
The added cost for the new product is 0.1 per cent per year. There is no maximum age limit.
The portfolio service is a discretionary investment service offering four portfolio choices and three income options. It has a minimum investment of £20,000 and carries an initial charge of 4 per cent and 1.5 per cent annually.