Probity, the online fund governance service developed by Isle of Man-based Acuity Consultants, has a...
Probity, the online fund governance service developed by Isle of Man-based Acuity Consultants, has announced three initial life company subscribers to sign up to its service, which officially launched on 1 September.
Based in Ireland, the subscribers are Aegon Scottish Equitable International, Generali International and Standard Life International.
Coverage is expected to reach 40% of the UK portfolio bond market in the near future, the company said.
Probity provides the first systemised solution for life companies evaluating external fund links to their portfolio bond products from a governance perspective and assessing their suitability as policyholder assets.
The funds are objectively assessed by fund service providers and listed online for the use of the life companies.
Bryan Low, director of Probity, said: "Probity meets the operational needs of the fast-growing offshore portfolio bonds industry to assess and track thousands of increasingly complex fund links. This has been recognised by Probity's initial three subscribers, which are among the fastest-growing offshore life companies in the market.
"We expect the Probity fund database to hold the details of 3,000 funds by the end of next year as fund groups recognise the benefits of having their funds on the system," he added.
Probity has also announced the initial fund service providers. They are Active Group, based in the Channel Islands; Cayman National Bank and Dixcart, both based in the Isle of Man; and Kinetic Partners, based in Dublin.
All the companies have offices in other jurisdictions that can be called on for specific input when required. Furthermore, the range of fund service providers enables Probity to cover all types of asset and the worldwide range of fund jurisdictions, the company claims.
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