LIFE NEWS
Axa IoM multi-asset fund
for offshore bond investors
Axa Isle of Man has launched
a fund exclusively for
its offshore bond investors
providing dynamic exposure
to five asset classes.
The Autobalancing Fund
has been developed in
partnership with Royal
Bank of Scotland (RBS).
In normal market conditions,
it is equally invested,
through indices, in a basket
of developed market global
equities, emerging market
equities, global property
and commodities.
This is achieved by Axa
buying a bespoke security
from RBS.
The fund, which is run
on a systematic basis, monitors
each of the asset
classes daily. When a
downward trend is detected,
it can, on a monthly
basis, switch into a money
market fund to minimise
potential losses. It will do
the same on a daily basis if
volatility exceeds ‘normal’
parameters.
Axa said the fund would
immediately move out of
cash and back into the
required asset class when
volatility returns to normal
or an upward trend is again
detected.
Mike Foy, managing
director of Axa Isle of
Man, said: “The fund is
designed to seek positive
returns when markets rise
and to limit losses when
markets are falling or
become volatile.
“We wanted to provide
an investment solution that
resolves the risky issue of
timing investments into
and out of a range of
market sectors, with the
added benefit of diverting
part, or all, of the portfolio
into the money market in
times of high volatility.’’
FPI targets Middle East with
company protection plan
BY DANIEL JUDGE
Friends Provident International
(FPI) has launched
a company protection plan
for businesses in the
Middle East.
The Optus Group
Protection policy provides
life cover to each scheme
member, while additional
optional benefits can
include cover for total and
Shelbaya: developing products
and forging new deals
permanent disability.
FPI said the policy,
which sits alongside the
Optus Group Savings
Scheme, has been designed
for Middle East-based
employers to provide additional
occupational benefits
for employees.
The company added
that a dedicated support
team for its Optus range of
employee benefit solutions
had been created to assist
local employers who
choose the scheme.
In a separate move, FPI
has created a head of bancassurance
role for the
Middle East in order to
service the sector.
Omar Shelbaya, formerly
head of bancassurance
for Allianz Egypt, has been
tasked with growing the
company’s market share in
PROD FACTS
� Flexible benefit levels
� Minimum membership
of just five employees
per benefit group – no
maximum
� Choice of policy currencies
– UAE dirham, dollars, euro
and sterling
� Life cover up to five times
an employee’s annual salary
� Accidental death benefit
� Total and permanent
disability benefit
� Free cover limit
� Repatriation benefit
INTERNATIONAL
ADVISER
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