French banking giant Societe Generale is launching an IFA-only UK life office specialising in products such as offshore bonds.
Inora Life will be a pan-European life office although it plans to remain a niche player in the market. It will be based in Dublin to take advantage of offshore tax breaks on finan cial products.
Full details of the Inora range will not be released un til next week but the first prod-uct will be an offshore bond. It plans to release four to five products each year.
SocGen is aiming to target the individual invest-ment, inheritance tax planning and corporate pension trustee markets.
The offshore bond will be a whole-of-life product but will have fixed-term options built in to increase flexibility for the investor.
Inora says it has app roached several IFAs and the initial feedback has been positive. Former IFA Dean Mar riott will run the UK operation as head of liaison.
Inora will be a fully owned independent subsidiary of the French bank. As well as the UK, the company will operate in five other European markets – Spain, Germany, Italy, France and Benelux.
Marriott says: “In the UK, the bulk of this type of offshore investment business is done through IFA sales. From our point of view, the IFA market is going to be very important from the outset.”