Andrew Peat Group is expanding its continental European presence into Belgium. This is the fourth co...
Andrew Peat Group is expanding its continental European presence into Belgium. This is the fourth continental European country into which it has moved after Germany, Austria and the Netherlands.
Tom Forman, operations director at Andrew Peat Group, said it is looking to recruit financial planners in Belgium and distribute through mortgage brokers. Andrew Peat Group was founded in Monchengladbach in Germany in 1981. It has more than 2,500 advisers in Germany, Austria and the Netherlands.
Forman added that business in Germany was boosted in 2004 by investors rushing to take out regular premium policies before the ending of tax benefits at the close of last year.
Previously, regular premium policies were free of capital gains tax if held for 12 years or more. Since the start of 2005, half the gains of both regular and single premium life policies have been subject to CGT. "This is better because it simplifies the situation," said Forman.
Andrew Peat Group is also to expand the range of capital protected products it distributes in Europe in response to strong demand from clients. Forman said it is to distribute a euro version of the Tilney Opal fund of hedge funds with a 100% capital guarantee. It will also distribute the latest in the Dynamic Protected Series by Mass Mutual.
The Dynamic Protected Series has a euro medium-term note by Société Générale to provide a 120% capital guarantee plus a minimum 85% of the highest point of its net asset value over the 10-year term of the product. After five years, investors can withdraw from the product free of charge.
Forman said Andrew Peat Group was attracted to the Tilney Opal fund by the fact it tracks the CSFB/Tremont Hedge Fund index and provides capital protection.
The decision to distribute it is also in response to the loosening of the rules on marketing hedge funds in Germany from January 2004.
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