Scottish Life International (SLI) is launching a combination fund supermarket and life assurance in ...
Scottish Life International (SLI) is launching a combination fund supermarket and life assurance in an offshore bond.
Isle of Man-based Protected Investment Management Service (PIMS) will give access to around 10 funds of funds as well as most of the funds of 10 of the biggest managers in the UK.
The investment can be divided between four investment programmes. The first of these is the PIMS Exclusive Portfolio, consisting of three funds of funds series run by Carr Sheppards Crosthwaite, Premier Asset Management and Quilter & Co.
Each of these offers three or four funds, giving a mixture of aggressive, cautious and balanced strategies. Each company will even manage a portfolio of funds on an individual basis as long as the allocation to them is at least $160,000 or equivalent.
The second programme is PIMS Select Fund Managers, through which investors can choose to invest in most of the funds run by Perpetual, Jupiter, Fidelity, Invesco, Threadneedle, Hendersdon, Aberdeen, Gartmore, M&G and Schroders.
The third choice is PIMS Capital Protected, which gives access to the full range of SLI's protected funds - the Protected Index, Protected With Bonus and Protected Deposit Bonus funds.
The Self Select service, allows any fund to be brought in under the offshore wrapper. However, conversion of already held funds may have adverse tax implications as the ownership of the fund must pass to SLI.
On the assurance side, the investor can choose up to six people to be protected. When either the first or last of these dies (the choice must be made at the start of the investment), at least 101% of the initial capital will be returned. Furthermore, at the end of every July and December, if the total value of the bond has risen, the amount guaranteed on death rises to that level.
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