Standard Life is entering the offshore market, this week launching their international office in Dublin.
The life company told Money Marketing in June it would be opening the office in early 2006, having submitted its application in March 2005 for Standard Life International Limited, which has now been approved by the regulator.
Chief executive Murray Drummond says the firm is a wholly-owned subsidiary and will sell cross-border into the UK under EU “freedom of services” legislation.
He says: “I am delighted to be here at the start of a very exciting opportunity for Standard Life. The time is right to enter the international market – our customers and strategic alliances have asked for an international product, while the emergence of the wrap market means offshore investment has become a more ‘mainstream’ option in investment and tax planning than it once was.”