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Selestia opens life firm with bonds

Multi-manager platform Selestia is setting up a new life and pension company with an onshore bond and an offshore bond based in Guernsey.

Selestia Life and Pensions opens this week with the launch of the collective investment bond and the offshore bond, both of which are made up from a collection of unit-linked, whole-of-life insurance policies.

Minimum initial investment is £5,000 onshore and £10,000 offshore. Investments are split between 1,000 policies to allow investors the flexibility to cash in segments and is available in single or joint-ownership versions with single and multiple lives assured.

There is a capital protected death benefit option on both bonds – which are available through Selestia&#39s online service – guaranteeing the return of the full sum invested on each policy.

The life company is also expected to launch a personal pension and possibly a drawdown product in the autumn.

Selestia says the move is the first time that multi-manager bonds will be offered through an online system and believes its asset allocator tool will make portfolio construction much less time-consuming for IFAs.

Managing director Brett Williams says: “Investment and tax are complex and no one can make them simple. People need IFAs to give them advice and we aim to assist them in making investment manageable.”

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