Old Mutual launches first Isle of Man based product
From Products Feb 2 2012 BY: Simon Danaher
, Online News Editor
, International Adviser
Old Mutual International has launched its first Isle of Man based product, Investment Portfolio, specifically for the South African retail market.
Designed in collaboration with its subsidiary Royal Skandia, Old Mutual said the product is targeted at South African investors who want to use their R4m direct offshore allowance and their additional R1m discretionary offshore allowance.
Old Mutual said the new product will allow investors to consolidate, hold and manage their offshore assets in a single, tax-efficient life wrapper. Permitted holdings include collective investments, bank accounts and stocks and shares quoted on recognised stock exchanges, fixed-interest securities, multi-currency deposits, and hedge fund of funds, structured notes, exchange-traded funds and other alternative investments.