Investlife, the BNP Paribas-owned insurer, has launched an offshore portfolio bond to the UK marke...
Investlife, the BNP Paribas-owned insurer, has launched an offshore portfolio bond to the UK market, writes David Griffiths.
The bond, called the Private Client Account, is a whole of life product and will be marketed exclusively through intermediaries by Pinnacle Investments.
This will have a straight- forward charging process, with a fixed upfront fee of 0.75% and an annual management charge of 0.75%. There will be no surrender penalty. Intermediaries will be able to impose their fees on top of this framework.
The vehicle offers gross gains roll-up and a draw- down facility of up to 5% a year. The minimum investment will be £50,000 with assets being held in an independent investment bank.
Luxembourg-based Investlife is the first non-UK subsidiary to be authorised by the PIA to market its products direct to the UK under the new freedom to provide services legislation.
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