Canada Life International (CLI) has expanded its internal fund range, launching five new mirror funds from Fortis Investments.
The Isle of Man-based company is the first offshore provider to have a formal link in place with a suite of capital protected funds from Fortis, each with a different maturity date.
The first of the funds to mature will be the CLI Fortis Protected Lifestyle 2015 fund, while the remaining four funds will reach maturity in 2020, 2025, 2030 and 2035.
The funds will be available through CLI’s Offshore Savings Account, a regular-premium plan, as well as through the single-premium Delta Account and the Flexible Life Plan, a whole-of-life contract.
Canada Life said the funds have been introduced to satisfy investors’ demand for capital security.
Mario Ricciardi, executive director at CLI, said: “At a time when world markets are facing a level of uncertainty, funds of this type provide our clients with peace of mind whilst still giving some equity exposure.”
David Morrow, director of UK insurance at Fortis Investments, said the Capital Protected Lifecycle funds combine return potential, security and flexibility. “Since the funds incorporate a ‘lifecycle’ feature, they automatically rebalance from equity to fixed income as each maturity date approaches,” he explained.
“The funds have been a success in North America, continental Europe and Hong Kong, because investors everywhere have found they provide convenience and peace of mind, which is especially hard to come by at the moment given the volatility in the markets.”
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