Traded endowment funds

As a product traded endowments are almost as old as the basic with-profits endowment that underlies them. The first endowments were traded over 150 years ago at auctions, though it is only in the last 10 years that they have taken off and become part of the mainstream, albeit still a small part. With the purchaser benefiting from the life office guarantees and smoothing, investing in Teps or Tep funds is seen as offering attractive returns with a low level of risk. This growth has been created by the development of market makers who have removed the need for buyers and sellers to be match...