View more on these topics

Zurich bond provides a la carte menu

Zurich International Life has established the wealth account, a single premium offshore bond that provides access to 130 funds from a range of fund management groups.

The bond offers funds from management groups such as Artemis, Framlington, Jupiter and New Star. Policyholders can select up to 30 funds at any one time.

The bond is available in two versions, a life insurance bond and a capital redemption bond. The first version is aimed at individual investors, while the second is aimed at corporate investors and trustees.

Regular withdrawals to be taken on an annual, half-yearly or quarterly basis. But if the bond is surrendered before the first five years, investors will pay a penalty which reduces from 8.25 per cent in the first year to 1 per cent in the fifth year.

There is a menu of charging structures in place, which all include 25 free fund switches a year. There is a choice of a high initial charge but no annual management charge, a low initial charge with a high annual management charge or a middle path between these options.

This bond could appeal to investors who are looking for offshore tax advantages who want to move between a range of funds without having to pay a charge every time they switch. It does not offer as many funds as Clerical Medical’s CMI global investors bond, which offers 33 internal and 170 external funds. However, it has a minimum investment in £40,000 which makes it accessible to a wider market compared with the Clerical Medical product, which has a minimum investment of £100,000.


PMI firms say they will survive gene test era

Private medical insurers have rejected a prediction by Nobel Prize-winning scientist Sir Paul Nurse that the individual PMI sector will disappear within 50 years.Nurse, a leading researcher and joint head of cancer charity, Cancer Research UK, said this week that advances in genetic testing will make the PMI market redundant within 30 to 50 years.But […]

GMAC loses two partners

GMAC-RFC, which claims it pioneered correspondent lending in the UK, has lost two of its main correspondent partners, the Mortgage Placement Company and The Mortgage Lender. MPC has signed an exclusive agreement with GMAC rival, Mortgages plc and TML was purchased by Kensington Mortgages. GMAC says it is still very involved in correspondent lending with […]

Saffron Walden mortgage arm buys £30m of Amber assets

Amber Homeloans has sold mortgage assets worth £30m to Saffron Walden Mortgage Services as part of its ongoing strategy to generate funds through portfolio sales.The Saffron Walden Herts & Essex Building Society subsidiary will take on the administration of the mortgage book built up by Amber, the specialist lending arm of Skipton Building Society.SWH&E BS […]

House prices continue to soar

House prices continued to rise last month with the average UK property price increasing by 2.5 per cent to £108,818 from £106,693, according to the latest figures from Nationwide.This means annual house price inflation has now reached 21 per cent, the highest since the second quarter of 1989.The building society says that while the prices […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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