22 June 2011
Skandia International, the offshore business of Old Mutual Wealth Management, has extended the investment choices available for its Spanish Collective Investment Bond (CIB) by launching over 30 new funds and providing access to five investment groups previously not available through the product.
The existing range of assets available via the Spanish Collective Investment Bond, all of which are fully compliant with the Spanish investment regulations, has been expanded to provide access to a further 36 funds, bringing the total number of funds in the range to 525. As well as gaining access to additional funds from existing fund groups, investors will be able to access products from five additional investment companies – J O Hambro, Julius Baer, Distinction, Brown Advisory and the Danish investment firm, Jyske Invest. The extended fund range further diversifies the investment opportunities available across Europe, Emerging Markets and the other major asset classes, but additionally, investors will now be able to access new asset classes such as Swedish and Danish Bonds, as well as Danish Equities.
The Spanish CIB is a bespoke portfolio bond launched in July 2010 designed specifically to be tax efficient for investors resident in Spain. It has the flexibility for creating tailor made portfolios from a wide range of tax compliant funds. An additional feature which makes the product particularly appealing to expatriates is that it remains tax compliant even if the client chooses to return back to the UK.
The product is offered through Skandia Life Ireland Limited, the Dublin-based operation of Skandia International, which was launched in 2003 to provide European advisers with Skandia life assurance products following the Insurance Mediation Directive (IMD). Skandia Ireland is regulated in Ireland with authorisations in a number of EU/EEA countries.
Phil Oxenham, marketing manager at Skandia International, comments:
‘We are strongly committed to keeping our product and investment offerings innovative and fresh. Although this product already provides access to a comprehensive range of assets we have broadened the investment choices further in response to demand from advisers and their clients. Their feedback indicated a clear preference for specific brands and asset types which they would like to access, and we are delighted to facilitate this additional choice whilst also ensuring the funds are fully compliant with the Spanish investment regulations’.
Most recently, the Spanish CIB won the title of the Best International Life Product in the 2011 Professional Adviser International Fund & Product Award - an annual event open to the International Divisions of UK companies that distribute financial products and services primarily through independent financial advisers.
This press release is for journalists only and should not be relied upon by financial advisers or customers.