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Protection definition for new Clerical Oeic

Clerical Medical has chosen a capital-protected definition for its new Oeic because it says it offers greater security than a capital guarantee.

Collective investments can only be called guaranteed if there is a third party guaranteeing the underlying assets. In this situation, the provider would buy derivatives from one bank and if it went bust, another bank would step in as a guarantor. Clerical’s use of exchange-traded derivatives bypasses the need for a third party as the derivatives are bought directly on Liffe. This makes the London Clearing House the ultimate counter-party.

Marketing actuary David Corris says: “The FSA says exchange-traded derivatives are free from counter-party risk. With a guarantee, there is no assessment of the credit risk of the bank you buy the assets from or the guarantor.”


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