NEWS
Oszmann: key expansion
Royal Skandia
spreads its
wings with
Singapore base
Royal Skandia has opened
a distribution office in
Singapore.
The Isle of Man-based
insurer has appointed
David Macdonald as principal
officer of the branch.
The first Royal
Skandia product distributed
through Singapore
is a tailored version of
its Executive Investment
Bond. The Executive
Investment Account (EIA),
launched specifically for
the Singapore market, is a
lump sum policy offering
a choice of thousands of
funds and shares.
Policyholders can make
additional lump sum payments
and take total or
partial surrenders of their
policies at any time.
Skandia said policyholders
can set up regular
withdrawals to provide an
‘income’ from the EIA.
Andre Oszmann, chief
executive of Skandia
International, said: “We
have ambitious expansion
plans for Asia and opening
a branch in Singapore
is a key part of those. The
advanced wealth management
market there is
attractive.”
6
Credit Suisse Sicav aims to
seek out property bargains
BY HELEN BURGGRAF
Credit Suisse has launched
a fund to exploit the falling
valuations in the global
real estate sector.
The Luxembourg-domiciled
Credit Suisse Sicav
One Equity Global Property
fund will be managed by
Lawrence D Raiman, who
is based in New York.
The actively managed
fund will seek to exploit
deviations between the
real estate cycles in different
countries, focusing
on those stocks that offer
the best chance of appreciation.
In June, the US
accounted for the largest
slice of the fund’s invest-
FUND FACTS
Domicile: Luxembourg
Currencies: $, €, CHF
Annual fee: 1.92%
Performance fee: none
Aegon has unveiled a variable
annuity product for
the Spanish market.
It is similar to the Dublinbased
5 For Life product
distributed in the UK which
offers a guaranteed level of
income until death.
The new variable annuity
product is being distributed
through four banks
in Spain.
Aegon said it is also
launching a variable annuity
product in France,
ments, with a 38.1% share,
followed by Japan (12.1%),
Hong Kong (11.3%) and
Australia (10.4%).
Raiman, a Credit Suisse
managing director and
head of its global real
estate securities group,
heads a 14-person management
team comprising real
estate specialists in the US,
Europe, Asia and Australia.
According to Credit
Property vs world equity indices
%
150
120
90
60
30
0
Jul ’03 Jul ’04
Source: Lipper
FTSE EPRA/NAREIT Global CR
Aegon creates Spanish variable annuity
product with second roll-out of 5 for Life
where it has an existing
business.
The insurer said it will
seek to sell variable annuity
products elsewhere in
Europe as well through
distribution agreements
with banks and brokers.
These variable annuity
products are separate from
5 for Life but their rollout
across continental Europe
is being managed by Aegon
UK, which incorporates
Aegon Scottish Equitable
INTERNATIONAL ADVISER [www.international-adviser.com] AUGUST 2008
Jul ’05
Suisse, the team’s four-continent
composition makes
the Sicav “one of the few
global funds to have its
own investment teams in
the four largest real estate
markets”.
It added that investors
had “an opportunity
to enter a market offering
cheaper valuations [and]
gain exposure to highquality
real estate stocks”.
MSCI World CR €
Jul ’06
Jul ’07
International in Dublin.
Aegon said the variable
annuity products are tailored
to the different needs
of each market in Europe.
5 For Life was launched
in September 2006 and
offers investors a guaranteed
income for life of
5% for a minimum investment
of £15,000. Investors
can access their capital at
any time and if there is
any remaining on death, it
passes to beneficiaries.
Jul ’08
Scott: Shariah an advantage
First Group set
to create fund
investing in
property in UAE
British property firm First
Group has launched a
Shariah-compliant fund
investing in commercial
and residential property in
the UAE.
The Emirates Opportunity
Fund, which is
closed ended and listed
on the Channel Islands
Stock Exchange, will invest
in Dubai and the northern
emirates of the UAE. It has
three underlying investment
strategies: land acquisition
for transport and infrastructure
projects; buying inventory
from existing developments;
and a strategic land
banking approach in the
northern emirates areas.
David Scott, First Group
commercial director, said
the fund’s Shariah compliance
gave it an advantage
in sourcing and completing
deals as there was a greater
willingness in the UAE to
deal with such investments.
FUND FACTS
Domicile: Guernsey
Min investment: $25,000
Annual fee: 2%
Performance fee: 20% above
8% hurdle rate
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