industry news | investment bond and private client portfolio will close at the end of 2003
Scottish Equitable International (SEI) is closing two of its Luxembourg products to new sales in an acceleration of its stated policy of favouring Dublin as its base of operations.
From the end of 2003, the Investment Bond and the Private Client Portfolio will not be available to new clients, although existing investors will be able to continue to add to their current portfolios. This leaves the inheritance tax product, which has had a green light from the UK's Inland Revenue, as the only bond product left in Luxembourg.
SEI has two almost identical products in Dublin, the Investment Portfolio and Private Client Portfolio, which is why the company is confident about the move. In any case, they have been much more popular than their Luxembourg counterparts, according to the company.
David Healy, managing director, explained: "It makes sense for us to withdraw these two Luxembourg-based products - particularly as we offer equivalent products from Dublin. This frees up resources which we can devote to the further development of our Dublin office."
This is a continuation of SEI's response to the poor markets over the past few years. This was to give up on trying to attract continental European intermediaries and focus tightly on offshore products sold through UK-based IFAs. The Dublin base launched last year and has become the main focus of new growth for the company, seeing the launch of four products including a 'next generation' transparent with-profits product.
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