David Worthy has been appointed sales director of Foundations Capital. He left Scottish Life Interna...
David Worthy has been appointed sales director of Foundations Capital. He left Scottish Life International at the end of last year, where he was international sales manager with responsibility for Europe and Asia.
Worthy, who will continue to be based in Cyprus, has joined as Foundations Capital prepares to launch its 'conservative leveraging' fund. Managing director Lee Barkman, who established Foundations Capital, said: "David joins us at a crucial time with our core product about to be launched. Having spent 16 years in financial services distributing products to both UK and internationally-based intermediaries, he brings invaluable experience to the team."
The decision to join Foundations Capital, said Worthy, was driven by the fact that its new fund, Foundations Programme, "is unlike anything else on the market. It will be attractive to clients as it enhances returns from an existing investment portfolio or policy without interfering with the fund selection and investment strategy. For IFAs, it will be a means of enhancing the value of their businesses, recurring incomes and wealth generation of their client base."
The Foundations Programme will provide a "lower risk and more effective" way of leveraging existing investments, whether they are single or regular premium policies or other investments. The fund gears by using assigned policies and investments as security and then reinvests this loan. It aims to make a profit after paying interest rate costs. Foundations Capital said that profits from the programme are held in reserve. When the client exits the programme after five years, their accumulated return is paid out.
Barkman said: "The emphasis throughout is on risk reduction so the investor's exposure to the programme is re-set each month based on the changing value and perceived risk of their assigned portfolio. Furthermore, portfolios only take up participation gradually over the first 26 months. By month 27, participation is capped at a level, typically no more than 70% of the assignment value."
To aid regulatory reporting
Three year strategic review
Impact on markets
Has run Cautious Managed fund since 2011
What’s right – not what sells