Royal Skandia is planning links to a number of multi-manager hedge fund products early in 2002. The ...
Royal Skandia is planning links to a number of multi-manager hedge fund products early in 2002. The move follows the link created to the All Weather Momentum global fund of hedge funds in September.
Phil Morse, marketing manager, said Skandia plans to link to larger, well-known fund managers that provide fund of hedge fund products. He said the alternative investment links addressed the growing interest in hedge funds through a low risk multi-manager wrapper.
It is understood Skandia is in negotiations with Newton about a global fund of hedge funds under the Mellon Global Alternative Investments umbrella. But Skandia has not approached Henderson or Jupiter, which also recently launched similar products.
Meanwhile, Royal Skandia has made important changes to its Managed Capital Account to allow for regular premiums.
Previously, this account was a single premium investment in the Skandia range. According to Andrea Webster, marketing manager for Skandia International, regular premiums have been added to this account.
'The move was made because earlier this year, we looked at the regular premiums market offshore and decided we wanted to increase our market share,' she said.
'We also looked at the typical profile of an expatriate investor. We found there had been a shift from working in primary industries such as oil, to areas of shorter-term employment contracts such as finance and IT. With most of the regular savings plans on the market, customers have to specify for how long they want to save. Although there is flexibility within this, the charges are based around this specified period and customers on a two to three-year employment contract do not want to get locked in.'
She said the objective of Skandia is to offer regular premiums to high earners. The minimum investment is £300 a month. Customers can open the account making monthly payments, or can start it off with a minimum lump sum of £10,000. Regular top-ups, of a minimum £1,000, are also available.
Other changes at the Skandia Group include the appointment of Alan Wilson to head its new UK and Asia-Pacific division, following a restructuring of the global business.
The offshore operation, Skandia Leben in Switzerland, is added to Royal Skandia in the Isle of Man and Skandia Life International Division to form a new offshore business unit under Wilson's leadership.
The global restructuring follows the announcement of the senior executive vice-president Jan Carendi's retirement at the end of 2001. The restructuring also sees Wilson become executive vice-president of the Skandia Insurance Company.
Under the restructure, Skandia Group has developed three group divisions ' Europe, UK and Asia Pacific, and the Americas, consolidating the company's presence across 20 countries.
Wilson, formerly director of the Skandia UK Group, gains responsibility for Skandia's operations in Japan, Australia and China, in addition to his existing responsibilities in the UK.
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