French banking giant Societe Generale is introducing an offshore life and pension brand aimed at UK high-net-worth clients to be sold exclusively through IFAs.
SG Life & Pensions will also offer access to a wealth management service with products from SocGen's private bank, Hambros. It will launch with three investment bonds run through Guernsey and Luxemburg.
The SG Life International single-premium whole-of-life bond will be run through Guernsey, offering 94 funds from a range of internal external managers. It also has a choice of three managed portfolios with different risk gradings. Minimum investment is £50,000.
The Guernsey office will also run an international portfolio bond for investors looking for an actively managed fund on a discretionary basis. This has a minimum investment of £250,000.
The third launch product is from SocGen's Luxemburg-based life company, Sogelife, and is aimed at middle-income investors. The global strategy bond offers a range of managed funds, money-market funds and guaranteed annual-interest funds.
Minimum investment is £10,000 and there is an initial charge of 5 per cent.
The venture has yet to offer a pension product but is looking at developing European models.
SG Life head of UK distribution John Hewinson says: “Investors have been sceptical of offshore products, believing they are expensive and complicated. But we have made the charges explicit.
“High-net-worth clients can really take advantage of the offshore tax breaks.”