NEWS
“High risk strategy” for
UK non doms 3
Isle of Man funds slump
by a quarter 3
EU lobbies member states
to get tough on tax 3
Hong Kong leads FPI
drop in business 3
Guernsey QROPS
launched by Boal & Co 5
Jersey foundations await
Privy Council blessing 5
Maitland opens Malta
fiduciary business 5
UK income tax hike may
boost offshore providers 6
Liontrust gets French fund
approval 6
Julius Baer rolls out
energy fund 8
Cazenove expands
Channel Islands office 8
Bermuda signs raft of tax
deals 11
Turkish mortgage service
announced 11
Lux funds industry falls
for first time: Lipper 12
Pru Int’l enhances fund
allocation 15
Kaupthing depositors to
get at least 65% 16
Abbey unveils 3%
account 16
Survey finds Middle East
residents tighten belts 48
Henderson sets about
digesting New Star Int’l
BY HELEN BURGGRAF
Five of New Star’s
Dublin funds acquired by
Henderson in its takeover
of the asset manager are to
close this month (May), it
has been revealed.
Although 12 funds from
New Star’s international
range have joined the
Henderson stable, five of
its Dublin-domiciled Oeics
are considered too small
to be viable. They are Pan-
European Equity, Global
Emerging Markets, Japan
Recovery, New Star US
Opportunities and Strategic
Government Bond funds.
A Henderson spokes-
Gibraltar comes under spotlight of HMRC
BY DANIEL JUDGE
Gibraltar has come onto
the radar of HMRC as it
seeks to crack down on
abuse of its QROPS international
pension regime.
Trustees of pensions in
the British overseas territory
have received letters
from the Revenue asking
for clarification of local
rules regarding taxation of
retirement income.
It is thought a whistleblower
may have tipped
off the tax authority about
Company profile 24-25
Irish Life
International With
origins in the Great
Depression, ILI is
a rare success in
European crossborder
market
MAY 2009
For Distributors of International Fund, Life and Banking Products www.international-adviser.com
Features – page 2
Fund selector 19-22
Global bonds
Fixed income is
a hot topic at
the moment. We
look at the best
performing funds
in the sector
man said the acquisition
remained at an early stage
and further changes could
not be excluded.
The takeover of New Star
has also given Henderson
greater access to the international
life office distribution
sector, an area in
which New Star had com-
at least one scheme offering
tax-free encashment
once a policy is transferred
from the UK.
Gibraltar taxes pension
income at 0% for people
over 60, and this provision
has been queried by
HMRC. However, it is not
the only regime to have a
zero tax band for retirement
income. Guernsey does
not tax pension income of
non-residents, and far from
facing punitive action, the
Channel Island’s QROPS
framework has been inves-
mitted significant resources,
and which Henderson is
keen to explore.
James Tothill, associate
director of international life
companies at Henderson,
said: “[The deal] gives us
a great opportunity to
leverage off Henderson’s
global presence.”
New Star Int’l funds retained by Henderson
Dublin-domiciled Oeics
New Star Asian Opportunities
Fund (now managed by Andy
Beal, was Ian Beattie)
New Star European Growth Fund
(still Richard Pease and Simon
Rowe)
New Star UK Dynamic Fund
(Trevor Green, was Edward
Collins)
Luxembourg-domiciled Sicavs
New Star Indian Equity Fund
(still managed by Tata Asset
Management, Mauritius)
Bermuda-domiciled
New Star Global Managed Fund
(Mark Harris and Craig Heron,
was Gregor Logan)
tigated and given the all
clear by HMRC.
David Erhardt, of
Gibraltar-based STM
Fidecs, a provider of crossborder
and expat financial
services, said: “We are not
unduly concerned about
the situation. We and a
number of other firms have
written a letter outlining
the position here and once
HMRC receives this clarification
we believe they will
be happy.”
HMRC refused to comment
on the case.
Ignis makes
offshore fund
range available
via Allfunds
Ignis Asset Management
has made its entire offshore
fund range available
through the Allfunds Bank
investment platform.
The move comes as
Ignis steps up efforts to
launch as many as 10
hedge funds, for which
up to $100m each in seed
funding is available.
Jonathan Polin, Ignis
director, said the opportunity
to pick up talented
managers had increased
following the turmoil in
the hedge sector in 2008,
adding launches could
come within six months
Meanwhile, 14 funds,
both Ignis proprietary
products and joint venture
boutique funds, can
now be accessed through
Allfunds.
Ignis said the move
would help facilitate its
European expansion plans.
Allfunds has operations in
Spain, Italy, Luxembourg,
and the UK, as well as in
Latin America.
Polin added: “The platform’s
ability to host webbased
monitoring tools,
such as fund reports, portfolio
look-through, and
performance reports, will
be a massive step towards
familiarising distributors
with our unique offering.”
Special report 27-35
Professional
services A guide
to the providers
IFAs can use to
help run their
businesses more
efficiently
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