Edinburgh Fund Managers reintroduced the Investment Protection Facility, as part of its Classic Port...
Edinburgh Fund Managers reintroduced the Investment Protection Facility, as part of its Classic Portfolio Service, from 1 October.
According to Marianne Cantley, marketing director at Edinburgh, the facility was withdrawn in April because the underwriter ceased to offer the cover. It pays out on the investor's death and compensates investor's estates for falls in value of their investments.
Cantley said that Edinburgh felt in these volatile market conditions the cover was a particularly valuable asset, therefore it found a new insurer and is reintroducing it. The protection value of the facility is 105% of the bid value of units purchased or highest annual valuation, a level set annually on 1 August. The facility provides free cover to investors under the age of 75 and is offered on investments of more than £25,000 in the Classic Portfolio Service. Cover ceases at the age 75.
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