Scottish Equitable International (SEI) has launched five external fund links enabling investors to ac...
The funds are SEI Deutsche Managed Portfolio Fund, SEI Mercury Balanced Portfolio Fund, SEI Newton Balanced Fund and SEI Baillie Gifford Managed Fund. There is also the SEI External Balanced Collection which is similar to a funds of funds where investors can invest in all of the external funds.
Lesley McPherson manager for personal investments and protection at Scottish Equitable International says: "Funds were chosen on a number of different aspects such as the quality of investment process, past performance, quality of investment management and management and the financial strength of the investment house."
She added: "This type of product is generally a medium to long term investment and it is likely that a clientís circumstances and riks profile will change over the period that th bond is held. Itís important that there is scope to switch between different funds during that time to match the client's requirements."
External funds will be available through SEI single premium product range such as the investment bond, private client portfolio and the inheritance tax plan.
Minimum investment for the investment bond will be £15,000, for the private client portfolio £75,000 and the inheritance tax plan £50,000. Redemption fees are 7.5% reduced over five years for the investment bond and inheritance tax plan and 10% reduced over five years for the private client portfolio.
IFA commission fees on all products will rise between 1st September and 31st December 2000 by 0.5% from 5.25% to 5.75%. During the same period existing policyholders will benefit from an extra 1% allocation to all additional investments made into the Investment Bond, Portfolio Bond or Private Client Portfolio.
Investors can switch between funds up to 12 times per year free on any products without incurring any tax charges.
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