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SEI offers two ringfenced WP offshore funds

Scottish Equitable Inter-national is offering two new ringfenced offshore with-profits funds available to investors through its Dublin investment portfolio.

SEI says it is the first firm to offer a ringfenced offshore fund which meets the requirements stipulated under the Sandler review and FSA with-profits review for transparent charges and smoothed returns.

The with-profits growth fund will invest primarily in equities, with the aim of providing long-term growth while smoothing short-term volatility.

The second fund, the with-profits cautious fund, is designed to be slightly lower risk by investing predominantly in fixed interest with some equity and property, with smoothing also applied to mitigate shortterm volatility.

To achieve smoothing, SEI calculates a longterm projected growth rate and compares it against the actual growth rate of each fund. Smoothing is then calculated on a daily basis by increasing or decreasing the fund by 50 per cent of the difference between the projected and growth rates.

Managing director David Healy says: “We are delighted to be the first to offer new generation with-profits offshore. Traditional offshore with-profits funds have attracted a large proportion of UK offshore investment in recent years but investor appetites and regulatory requirements are changing.

“The new generation of with-profits retain key attractions of traditional withprofits such as smoothing but in a way that is more suitable for today&#39s market.”

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