View more on these topics

US annuity giant Hartford to make debut in UK with bond

The biggest annuity provider in the US is targeting a 2005 UK launch of a new single-premium unit-linked investment bond product.

The Hartford – America&#39s sixth-biggest life company – is planning to bring the product, which in the US and Japan it calls a “variable annuity”, to the UK through IFAs.

The group had assets of £123bn in 2003 and is the number one seller of retail annuities in the US. It is America&#39s second-biggest provider in group life sales.

The Hartford took its variable annuity product to Japan in December 2000 and achieved a dominant 26 per cent market share with business of £3.7bn by 2003. It is working on developing its core variable annuity product, which can be used to take funds through an annuity or withdrawals of cash or through growth options, to meet UK regulation. The Hartford sees the UK as the first stage of a move into European markets.

Hartford Life International chairman and chief executive Gregory Boyko says: “We are 100 per cent committed to third-party distributors and IFAs will be a key market for us when we launch in the UK in 2005.”

Wentworth Rose chairman Philip Rose says: “There is real scope and space for fresh initiatives in the UK financial services market because we have weakened our home market with a combination of regulation, poor investment returns and the 1 per cent cap.”

Recommended

Out of context

•”I&#39ll never be too high and important to speak to you.” – FSA press officer Rob McIvor about his promotion to head of media and web communications at the regulator. •”Maybe I will occupy my time writing a mortgage murder mystery.” – London & Country&#39s David Hollingworth ponders how he will amuse himself during jury […]

CA wants review to address shortfalls

The Consumers&#39 Association wants a Higgs-style report on with-profits, which it says would sort out the issue of compensation for failing policies. CA senior policy researcher Mick McAteer questioned at the MM round table debate on with-profits whether with-profits are suitable for the “middle mass market” of ordinary savers rather than the well-off or people […]

CSAM sets sights on target

Credit Suisse Asset Management has introduced the target return fund which invests in a range of fixed income assets, including government and corporate bonds, emerging European debt and convertibles. The target return concept was piloted on an institutional mandated fund established in August 2000. The name of the new fund, which takes advantage of the […]

Lee Birkett

Speed has always been a passion for Lee Birkett, the chief executive of online network Prestbury Holdings, which deals with non-regulated business. Having loved fast cars and motorcycles from an early age, he has only been able to indulge his passion from his armchair since founding Prestbury around 10 years ago. Recently, however, Birkett – […]

William Littlewood “betting that QE won’t work”

Journalist Alexis Xydias interviews Artemis manager William Littlewood about his views on bond, equity and currency markets and the impact of a Greek exit from the EU. With bond yields at “ludicrous” levels, William believes a tipping point for bond markets is sure to come. As a result, his Strategic Assets Fund holds government bond shorts to the tune of 100 per […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com