Brokerage TD Waterhouse is to enter the structured product market targeting intermediaries with a ca...
Brokerage TD Waterhouse is to enter the structured product market targeting intermediaries with a capital protected product linked to the performance of the FTSE 100.
The Protected Investment Product (Pip) offers 3% commission and is the first time TD Waterhouse, which has Sipp, covered warrants and share dealing services, has sought to market to intermediaries directly on an investment product.
The group also has a fund supermarket, but has so far stopped short of offering commission to advisers using it.
Pip offers investors capped participation in the annual rise of the FTSE 100 in the period from the strike date of 28 March 2003 to 28 March 2008. After each yearly period the return is locked in and can thereafter not be lost.
Growth is calculated each year subject to a maximum rise of 15% meaning there is a potential total growth of 75% available plus return of original capital, although capital is guaranteed to be returned at the end of the investment period regardless of performance. Falls in the market in any one of those years are also factored into the return, subject to a 15% collar.
The product is to be offered between 20 January and 18 March with a minimum investment of £3,000 and maximum of £1m. It is also available for Isa investors. The launch is still subject to FSA approval.
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