Royal Sun Alliance Investment Funds (RSAIF) is to set up a Dublin base to sell unit-linked products ...
Royal Sun Alliance Investment Funds (RSAIF) is to set up a Dublin base to sell unit-linked products into continental Europe.
The group will maintain its Isle of Man operation and will not be withdrawing from any other markets in which it is involved. RSAIF has been licensed for a company set-up in the International Financial Services Centre and is awaiting a separate license from the Department of Enterprise, which is the insurance regulator.
Simon Whitfield, assistant director of RSAIF, said: "The Dublin set-up is an important step for us. As part of the European single market we feel it gives us the ideal base to sell into the Continent.
"The products we will offer will be based on the Isle of Man products we sell elsewhere in the world. The fall in interest rates as a result of Emu is leading to an increasing desire on the part of high-end European investors to invest in equity-type products.
"Our approach in Europe will be to target the relative niche market of high net worth individuals using a range of flexible and adaptable products. Our use of third-party fund managers is something that is not widely offered by the domestic players on the Continent.
Distribution will be via independent intermediaries across the Continent, Whitfield said.
He added: "Intermediaries will be keen to sell products that can be actively managed and which offer a wide choice of underlying investments. We also plan to work with our sister companies around Europe as part of our distribution strategy.
The long-term future of the Isle of Man operation is not in question, Whitfield emphasised.
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