Selestia, the Old Mutual-backed intermediary fund supermarket platform, is launching a life company ...
Selestia, the Old Mutual-backed intermediary fund supermarket platform, is launching a life company in April, subject to regulatory approval.
Selestia Life will allow the platform to offer funds via onshore bond wrappers and will be followed by pension wrappers in July. Bill Vasilieff, marketing director of Selestia, said: 'We also plan to launch an offshore bond product using Old Mutual International.'
The Guernsey-based sister company will enable Selestia to add further wrappers without having to establish its own offshore subsidiary.
The offering of different wrappers is just an extension of the core Selestia offering, Vasilieff stressed. He said: 'The core proposition is about portfolio construction and packaging together funds to construct the best portfolio. The core is not changing, we are just adding wrappers.'
Selestia, which has just added fund groups Fidelity and Hendersons to the platform, has signed up more than 300 intermediary groups and is the preferred Isa provider for 10 others. Vasilieff added the group now has a 10-strong sales team, along with two national account managers and a 12-man intermediary business development team.
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