Lanson Financial, a UK expatriate independent financial adviser, has been appointed to manage a fund...
Lanson Financial, a UK expatriate independent financial adviser, has been appointed to manage a fund of offshore funds for pensioners in South Africa.
The open-ended fund, known as a multi-manager 'wrap fund' in South Africa, has been designed to use the '750' rand foreign exchange allowance.
This allowance means that individuals can invest R750,000 offshore each year and married couples can invest R1.5m.
It is thought this fund will appeal to South African pensioners because of the stop-loss/start-gain mechanism.
Lanson Financial will be using the allowance to limit downfalls in the market.
This method has already been applied to its other offshore funds, the Optima and the Horizon, and helps to preserve clients' capital and maximise growth whenever possible.
The initial distributor in South Africa will be Senior Investors, a firm of IFAs based in Durban.
The IFA is an approved provider of the Association of Retired Persons and Pensioners.
Other South African distributors are expected to come on board soon.
The custodian is the Royal Bank of Canada (Guernsey) and the administrator is Automated Outsourcing Services.
The product provider is Cubed Capital Life, which will underwrite 100% allocations investors' capital.
Two global vehicles
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Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till