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.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till