View more on these topics

Zurich bond targets HNWs

Zurich has launched a new factory-gate priced international portfolio bond aimed at high-net-worth UK residents.

The Dublin-based international portfolio bond will be passported initially into the UK, with the potential to launch later in other countries under the European freedom of services legislation.

It is factory-gate priced with customer agreed remuneration up to a maximum of 8 per cent initial commission.

The bond is launching with more than 1,500 funds, with the option of adding to this if there is demand from advisers.

It features a range of offshore bank deposit accounts, a discretionary management facility and options available for withdrawals and payments.

It is also available as a capital redemption plan and features a death benefit guarantee as well as access to a full range of trusts for IHT planning.

Charges range between 18 and 85 basis points depending on the investment held. Minimum investment is £50,000.

Zurich investment management director Paul Wright says: “In addition to its offshore tax status, the wrapper also offers great flexibility of a choice of currency – both for withdrawals and payments – frequency of withdrawals and fund solutions.”

AES International managing director Sam Instone says: “This new product looks very attractive for its target market. It has a wide range of investment options, benefits and planning possibilities coupled with flexible charges, access and terms.”

Recommended

Where there’s a Will

Looking back, it must have been the tape recorder. I like to take one along to fund manager interviews but this was a new purchase. New-fangled, too, in that it is digital and so contains nothing so prehistoric as an actual tape. What’s more, I had neglected to roadtest it beyond the unimaginative, if traditional, “One-two, one two” so I think I had a right to feel nervous.

Pension poll position

The YouGov/Money Marketing monthly IFA survey shows almost a 50/50 split regarding the issue of whether the Government’s Budget decision to cut pension tax relief for people earning over £150,000 will significantly damage long-term savings.

Widows or Clerical may have to be sold

Lloyds Banking Group could be required to sell Scottish Widows or Clerical Medical due to its receipt of state aid if the European Commission forces a restructuring.

Partied out and penniless

December has left me destitute. My piggy bank lies broken and empty, my lunchtime meal deal feels like an extravagant expense and I’m down to the Bountys in my box of Celebrations. But I won’t mourn my dearly departed pennies. Between buying gifts for loved ones (then deciding to keep them for myself) to treating […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment