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NEWS
Collins Stewart moves
into Singapore and HK 3
UK looks to reduce tax
on onshore funds 3
MBO and rebrand for
Dawnay Day Milroy 3
Dubai bank Mashreq
launches Dublin fund 3
Invesco looking at Middle
East expansion 5
Nexus targets growth
in the UAE 5
Santander ALIL buyout
could lead to closures 5
CSAM property fund
‘looking for bargains’ 6
UAE property fund
from First Group 6
Aegon rolls out 5 for
Life in Spain 6
Royal Skandia opens
Singapore office 6
Crosby AM hires funds
of funds specialists 9
Agriculture fund from
CAAM 10
Private wealth shifting
to Asia, says report 12
UK offshore bond sales
dip on CGT changes 15
EM commodities fund
from Schroders 16
Expats choose quality of
life over good weather 48
Asian investors big buyers
of Ucits funds 48
Features – page 2
Business strategies 23-24
Exporting TCF
Regulators around
the world are
trying to push
TCF compliance
on advisers. What
will the impact be?
Chatfeild-Roberts’ FoF
gets cross-border base
BY DANIEL JUDGE
Jupiter has launched half
of its long-only Merlin
fund of fund range into a
new Sicav.
The first two funds to
be put in the Luxembourgrange
are the Merlin
International Balanced
Portfolio and International
Equity funds. They will
largely mirror their onshore
counterparts.
FUND FACTS
Name: Merlin Int’l Balanced
P’folio, Merlin Int’l Equity P’folio
Domicile: Luxembourg
Min investment: €500
Charges: 5.25% init, 1.5% amc
Offshore tax evasion assault hits courts
The first tax evasion prosecutions
following the UK’s
recent investigation into
offshore bank accounts
will begin within months.
The UK tax authority
(HMRC) would not reveal
the number of cases due to
start or the sums involved,
but a spokesman said it
was prosecuting the most
serious frauds.
They come after the
introduction last year of
Merlin funds going offshore
%
150
100
50
0
Jul ’03 Jul ’04 Jul ’05
Source: Financial Express
Both are managed by a
three-man team headed by
John Chatfeild-Roberts.
Kevin Scott, director of
Jupiter’s international business,
said: “John Chatfeild-
the Offshore Disclosure
Facility, under which more
than 40,000 people
revealed their offshore
account details and paid
any tax owed plus a
10% penalty.
The disclosure facility
itself followed the HMRC
winning a court order forcing
Barclays, HSBC, HBOS,
Royal Bank of Scotland and
Lloyds TSB to hand over
details of more than 100,000
Fund selector 27-30
US equities Having
been so unloved,
we look at the best,
biggest and newest
funds playing in
the world’s most
important market
Jupiter UT Mgrs – Merlin W’wide Portfolio
Jupiter UT Mgrs –
Merlin Balanced P’folio
Jul ’06
FTSE World Index
Jul ’07
Roberts and his team have
built an enviable reputation.
It is a great opportunity
for us to make these
funds available to our
international client base.”
offshore account holders.
Mike Warburton, senior
tax partner at accountancy
firm Grant Thornton,
said anyone found to
have lied to the authorities
and those in positions
of authority and trust such
as MPs and professional
advisers were likely to be
targets of prosecution.
■ See ‘Offshore centres targeted
in tax evasion crackdown’
on page 10
Jul ’08
AUGUST 2008
The Hartford
adds to UK
products with
offshore bond
The Hartford, the US life
and pensions business,
is launching an offshore
bond into the UK in late
October.
The company, which
established Hartford Life
in Dublin in 2005 and is
one of the largest providers
of investment bonds in
the world, already offers
The Hartford Gold onshore
bond to UK investors.
It has long been thought
to have been planning to
launch an offshore product,
which is now scheduled
for an autumn rollout.
The Hartford Gold was
launched in 2005. It includes
the Safetynet, which guarantees
an income for 20 years
or for life. Fund choices
include risk-rated and managed
portfolios and around
100 individual choices.
Whether the offshore
bond will be based on The
Hartford Gold or more of a
portfolio bond-style product
remains to be seen.
A spokesperson for The
Hartford declined to confirm
or deny the plan, saying:
“We are always looking to
expand our product offering
to meet client needs.”
The firm also offers pensions
and trusts in the UK
and has international businesses
in Brazil and Japan.
Feature 36-37
International
private medical
insurance We
give a rundown
on the latest
developments in
the IPMI industry
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