NEWS
Carter: ‘competitive product’
IMG Coversure
policy targets
expats based in
Mediterranean
IMG Europe, a subsidiary
of US-based health insurer
International Medical
Group, has created a
policy for expats and local
nationals in Spain, Cyprus,
Portugal, Malta, Greece
and Gibraltar.
Coversure International
Healthcare is available
through financial advisers
and intermediaries and has
three sub-plans – Core,
Prime and Prime Plus –
each with various options
of cover and benefits.
Coverage for Core and
Prime is based on treatment
received in the
insured’s country of residence
– extending to
Europe when treatment is
not available locally. Prime
Plus also allows treatment
to be sought in-country or
across Europe, plus 90 days
worldwide, excluding the
US and Canada, accident
and emergency.
Carl Carter, managing
director of IMG Europe,
said: “This is a highly competitive
product tailored
for the Mediterranean
expat market. In light of
recent financial hardships
in Europe, the timing could
not be better for the launch
of this product. We have
already seen considerable
demand from brokers, particularly
in Cyprus, Portugal
and Spain.”
Added features include
a 10% ‘discount off the first
year’s premium, and a no
claims discount structure of
up to 20% off subsequent
renewal premiums.
Investec kick-starts Global
Select with Lux domicile
by Helen burggraf
Investec has re-launched its
$77m Global Select Equity
Fund in Luxembourg, calling
it the Investec GSF
Global Franchise Fund, in
order to appeal to a broader
range of investors.
The new fund has a
“practically identical
investment objective and
policy” as the UK-domiciled
original, and is being
looked after by the same
managers – Sam Houlie,
the South Africa-based
head of Investec’s Asset
Management Equities team,
FuNd FactS
Name: Investec gSf global
franchise fund
Min invest: £2,000/$3,000
Type of fund: open-ended
Initial charge: 5.26%
AMC: 1.5%
AUM: $77m
deputy portfolio manager
Mark Wynne-Jones and an
investment team of ten.
The relaunched fund
specialises in investing in
firms that have what Investec
calls “dominant intangible
assets”, such as strong
brands, patents, licenses
and copyrights, and which
are “well-positioned in
stable or growing industries
with high barriers to entry
and low capital intensity”.
Meteor offering high rate of interest in
recently launched five-year income plan
by DanIel JuDge
Meteor Asset Management
has launched a five-year
income plan for international
investors paying 7.25%
gross annual interest.
Returns in the dollar-
denominated plan, which
is available for direct
investment, or in a trust or
offshore bond, are derived
from the performance of
the FTSE 100 and S&P 500.
The UK-based structured
product specialist said the
FtSE 100 Index vs S&P 500 Index
80
60
40
%
20
0
FTSE 100
-20
S&P 500
Jul ’04 Jul ’05 Jul ’06
Source: Trustnet Offshore
Global Franchise since original launch
%
40
20
0
-20
-40
IMA Global Growth
May ’07 Sep Jan ’08 May Sep
1 May ’07 – 1 Jul ’09. Source: Trustnet Offshore
Jul ’07
Jul ’08
Investec Global Franchise
first income payment was
scheduled to be made on
28 Aug, 2010. Subsequent
annual payments are due
on the same date, or nearest
working day, up to 2014.
Full return of capital is
guaranteed if both indices
have not fallen below 50%
of their starting level on
13 Aug, 2014. But if one
or both indices is below
that level investors will
suffer a one-for-one loss
in line with index that has
dropped most from its starting
level. The guarantee is
provided by a Standard &
Poor’s A- rated bank.
Minimum investment in
the plan is $20,000 and
IFA commission of 3% is
available.
The closing date for
investments is 11 Aug.
INTERNATIONAL ADVISER [www.international-adviser.com] AuguST 2009
Jul ’09
Jan ’09
May
The concentrated portfolio
of between 20 and
45 firms typically includes
such companies as Nestlé,
Philip Morris, BAT, Pfizer,
Heineken, Johnson &
Johnson and Unilever.
Central to the fund’s
philosophy is the idea that
relatively few firms can
consistently and reliably
compound shareholder
wealth at superior rates of
return over the long term.
Ex-Monfort trio to
establish QROPS
advisory service
A firm specialising in
QROPS advice for IFAs has
been launched by three
former Montfort International
advisers.
Global QROPS plans to
work with financial advisers
by providing guidance
over which QROPS
schemes would be suitable
for their clients and
assisting with the process
of transferring clients’ pensions
offshore.
The FSA-licensed firm
has been set up by Paul
Davies, Simon Harvey and
John Lee, who recently left
Montfort, a UK-based firm
specialising in advice to
UK citizens planning to
emigrate to Australia and
New Zealand.
Lee said that Global
QROPS could provide
pensions transfer advice
to IFAs who have clients
planning to move
anywhere in the world.
www.globalqrops.com
eHedge data finds
slowdown in hedge
fund attrition in ’09
The hedge fund attrition
rate appears to be slowing,
although the universe
has shrunk by some 6%
this year, according to new
data from hedge fund data
supplier and performance
monitoring service eHedge.
The figures show around
150 funds have folded so
far in 2009 from its universe
of around 2,400 funds.
The decline had been
only marginally offset by
the launch of 30 funds,
mostly in the credit and
distressed space.
Adrian Durrant, eHedge
managing partner, said that
while the sector remained
troubled, 2009 was highly
unlikely to see a repeat of
2008, when more than a
third of assets flowed out
of funds.
www.ehedge.info
For full story, visit www.
international-adviser.com
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