NEWS
Advisers see regulation
as main challenge in ’11 3
RL360° reduces UK
technical support staff 3
Online Broker Back
Office service launched 3
NZ authorities ‘likely to
intervene over QROPS’ 5
Report finds tax cuts lead
to drop in fiscal revenue 5
Isle of Man open to
scrutiny of QROPS law 5
QROPS sector says UK
reforms are no problem 6
JPMorgan closes flagship
natural resources fund 6
Isle of Man expecting
to meet AIFMD criteria 8
Hong Kong critical of
Templeton share dealing 8
Axa Wealth sees healthy
rise in sales in Q1-Q3 9
Zurich Financial Services
buys Lebanese outfit 9
Guernsey fund NAVs
hit all-time high 11
Nikko AM acquires
Singapore’s DBS Bank 11
Emirates NBD group
extends into Asia 12
Oddo & Cie eyes Banque
Robeco purchase 12
Expats face bank ‘lottery’
as UK accounts close 52
Three more members
sign up to FEIFA 52
Standard Life prepares
for major int’l expansion
BY DANIEL JUDGE
Standard Life is assessing
the options for embarking
on a major expansion of
its international business,
including plans to move
into new overseas markets
and increase its offshore
product range in the UK.
The company, which
has a Dublin operation for
the UK offshore market and
a Hong Kong-based subsidiary
targeting local intermediary
business – as well
as joint ventures in China
and India – is exploring
the possibility of extending
distribution in Asia and into
the Middle East.
A move into the
STM unveils multi-jurisdictional QROPS
BY HELEN BURGGRAF
A multi-jurisdictional
QROPS network to enable
expatriate UK pensioners
to move their pensions
between countries without
incurring additional fees is
being launched by the STM
Group.
STM, the Gibraltarbased
AIM-listed corporate
trustee and services provider,
currently operates
three QROPS schemes in
Gibraltar through subsidiary
MD profile 17-18
Dean Waddingham
The managing
director of CMI
Insurance Company
explains how his
firm has broadened
its market share
JANUARY 2011
For Distributors of International Fund, Life and Banking Products www.international-adviser.com
Features – page 2
News analysis 14-15
QROPS We look
at what the future
holds for this fast
growing industry
and whether
regulations will
be tightened
Armitage: take-to-market role
European cross-border
sector is also being considered,
and the company
is likely to widen its UK
client base by providing
services to resident nondomiciled
individuals.
The international management
team has recently
STM Fidecs, and recently
launched a fourth in Malta,
the STM Malta Retirement
Plan. It aims to open a
fifth in Jersey this month,
through STM Fiduciaire, a
local subsidiary.
In markets in which
STM does not have its
own pension administration
facilities, it will use
the white label services
of other companies, after
ensuring that these firms
meet its standards for
competence and service,
been reshuffled to carry
through the expansion
project, with Alan Armitage,
formerly chief executive of
Standard Life Asia, being
appointed ‘international
take-to-market’ director.
Roy Halliday, new Hong
Kong CEO, and Eric Bruce,
international distribution
manager, are working
with him on the plans, as
well as other figures such
as Nigel Dunne, CEO of
Standard Life International.
Armitage said discussions
had been held
with various regulators,
although no applications
for new licences had yet
been lodged.
Continued on page 3
according to STM Fidecs
director David Erhardt.
He said the company
was in the process of setting
up similar arrangements
with firms in the
Isle of Man, New Zealand,
Guernsey and Switzerland.
The plan is to have in
place a network, or ‘wrap’
of QROPS in numerous
jurisdictions up and running
by mid-2011, with
others added in the future,
Erhardt said.
Continued on page 5
RL360° boosts
PIMS bond with
added features
Royal London 360° has
overhauled its PIMS international
portfolio bond,
adding discretionary management,
a new charging
structure, more currency
options and online
functions.
The Isle of Man-based
life company, which is part
of the UK’s Royal London
Group, said discretionary
management services
had been added in direct
response to IFA demand.
A ten-year establishment
charge has also been created,
on top of the existing
five-year option.
Swiss franc, Hong Kong
dollar and yen investment
options have also been
created, while online servicing
means policy valuations
and other information
is available 24 hours a day
for the first time through a
microsite – www/royallondon360.com/pims.
The company has also
re-launched its single premium
portfolio bond product
Choice, for the Hong
Kong market.
An oversight programme
by Hong Kong
regulator the Securities
& Futures Commission,
through which companies
had to ensure existing
products met new marketing
requirements, had
necessitated the relaunch.
Intermediary profile 23-24
The Fry Group The
general manager
of the company’s
Singapore branch
warns how low
standards risk the
industry’s reputation
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