Edinburgh Fund Managers and Isle of Man Assurance have teamed up to offer an international bond comp...
Edinburgh Fund Managers and Isle of Man Assurance have teamed up to offer an international bond comprising a series of switchable funds.
The Global Asset Portfolio is a unitised, single premium, whole of life policy run from the Isle of Man. The sub-funds on offer include the Global Equity fund, the Global Index Tracker fund, the Select Growth fund and the Managed Endowment fund. These are all single premium portfolio funds, available in dollars, sterling and euros.
The Global Asset Portfolio can provide annual or quarterly income. Each year, investors can withdraw up to 10% of their premiums without incurring a penalty. Any allowance not used can be carried forward into the next year.
The fund is available in dollars, sterling and euros, with a minimum investment of £15,000, $25,000 or e25,000.
Coinciding with this launch, Edinburgh Fund Managers has also introduced two new funds - a cash vehicle and the Dublin-based Global Protected fund, which still requires Central Bank of Ireland approval but should be ready for launch on 10 January 2000.
The Protected fund is split into cash-type investments to provide protection, as well as options across global indices to provide growth. An investor in the Protected fund chooses a level of protection between 90% and 100%. The protection works in blocks of six months, during which time the value of the fund cannot fall below the value at the start of the period. Every month, increases in NAV are locked in to the protection level chosen.
In a falling market, the protected price can only fall at the start of a new six-month period, where the downside is capped at 5%. The protection level can be changed monthly.
‘Important to have an anchor’
Report to be written by TPR
Lack of innovation for solutions
Some 2,000 consumers affected