Clerical Medical International is seeking regulatory approval to launch a with-profits bond and a p...
Clerical Medical International is seeking regulatory approval to launch a with-profits bond and a portfolio bond for the Hong Kong and Middle Eastern markets, writes Joanne Frearson.
The Hong Kong with profits bond will be similar to CMI's existing offshore product, but subject to regulation by the Hong Kong authorities.
It will be a fixed term product of 99 years and investors will receive a regular bonus plus a possible final terminal bonus.
CMI will aim the product at expatriates as well as local nationals in Hong Kong before moving on to the Middle East.
The portfolio bond will be similar to the CMI Global Investor fund, but again be subject to authorisation by the Hong Kong authorities.
It has yet to be decided whether this product will be available in the Middle East.
Clerical Medical International already has a portfolio bond in the Hong Kong and Middle Eastern markets. This is a single premium whole of life assurance bond that can be used as an investment wrapper. The new product will replace this portfolio bond.
Global Investor provides access to funds from over 170 investment groups. Investors have the option to manage the investment themselves, or to select an authorised investment adviser or discretionary manager to do this for them.
The move by Clerical Medical International is part of an ongoing strategy to expand its investment capabilities in different regions of the world.
Rod Macdonald, marketing manager at Clerical Medical International, says the two bonds should be relevant for the Hong Kong and Middle East markets as they are not life insurance products.
Local investors do not see the need for life cover in these countries for cultural and religious reasons.
Other products available under the Clerical Medical International brand name in these two countries include the Investment Account, Premier Account, and Lifetime and Wealthmaster. The two new products will be available through intermediaries.
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