Old Mutual International is seeing a sharp rise in the amount of high net worth customers it is attracting. This follows the launch of some solutions tailored specifically for high net worth customers; including the Life Investment Portfolio in Latin America and the Silk Life Plan in Asia.
Globally, the amount of high net worth individuals grew to 14.6 million in 2014, with the Asia-Pacific region surpassing North America as home to the largest high net worth individual population, with a rise to 4.69 million, an 8.5 percent increase*.
Old Mutual International is seeing the number of high net worth cases** increase by 40% compared to 2014. The business is also seeing the emergence of a new ultra high net worth channel, generating a number of new investments that have exceeded £10m.
High net worth cases can often be more complex than the standard business administered on the Isle of Man. For example, they may require liaison with numerous third parties internationally, such as lawyers, custodians, banks and financial advisers. Having a dedicated team who are accountable and who manage the process from start to finish will help provide reassurance to high net worth customers and advisers that someone is personally overseeing their case.
Peter Fleming, head of international operations, Old Mutual International, comments:
“The high net worth segment is a growing market for us and our new high net worth team is us formalising and ring fencing the support required to properly service this business. The size and complexity of these cases warrants us taking these additional steps and adapting our service model to ensure these cases are effectively managed.”
* Capgemini World Wealth Report.
** defined as cases over £1m single premium (or equivalent based on regular premium amounts).