Norwich Union International has launched 17 new funds to be managed by multi-manager fund selection...
Norwich Union International has launched 17 new funds to be managed by multi-manager fund selection company Investment Manager Selection (IMS).
The new funds will include three euro-denominated and three dollar-denominated funds of funds as well as IMS's sterling funds of funds.
All funds will be risk-rated by Standard & Poor's. The sterling funds have recently been updated, allowing IMS to select from all available Standard & Poor's rated funds. Previously this was limited to about 90 funds.
The new funds were launched due to investor demand for currencies other than sterling.
As part of this move Norwich Union International has also taken the opportunity to review the range of funds available on its two bonds.
It has added 17 new funds, including four internal and 13 external funds, bringing the total number of funds available on its portfolio bond to 96 and its investment bond to 30.
Paul Kim, research director at Norwich Union International, said: 'It enables investors to access some of the best managers around the world, in a portfolio blending different asset classes and styles.
'It also is a very tax- efficient vehicle as it defers capital gains tax while allowing the portfolio to be actively managed.'
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