SEI closes down two Lux products

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 Port...