Scottish Life International signs partnership agreement with Allfunds
Wednesday, 23 July 2008
Scottish Life International (SLI) has entered a strategic partnership with Allfunds Bank, one of the foremost third-party investment fund specialists in Europe. The agreement allows SLI to link its international products to Allfunds' extensive fund range on competitive terms.
The first product to benefit from this agreement is Paragon, SLI's recently launched regular premium investment plan. Douglas Law, Scottish Life International's Head of Marketing commented,
"When developing our regular premium investment plan, it became clear that the key driver was an efficient dealing service, which is exactly what the Allfunds platform delivers.
"Direct investment, as opposed to mirror funds, gives transparency, allowing the client to benefit from the complete expertise of fund managers. By using a bottom up approach to selecting funds, we were able to create an appropriate fund range with coverage across asset classes and equity sectors, with all the funds available to investors at no initial charge and no bid/offer spread. "
The agreement allows SLI to benefit from the Allfunds dealing platform and also their investment advisory and information services.
Douglas added, "The expertise and support from the Allfunds Investment Advisory team was invaluable in helping us complete the fund selection process. A full suite of fund factsheets is available on our website and we are working with Allfunds to provide further valuable information for advisers and investors, as we look to add services in order to help them make informed decisions."
This arrangement will continue for Royal London's new International business,, formed by the combination of Scottish Life International and Scottish Provident International,, which will be offering Paragon, within its International product range.
Beltrán Parages, Managing Director Iberia, Latam & UK at Allfunds Bank added,
"We are delighted to be working with Royal London on this exciting venture. Royal London are focused on becoming a main contender in the international investment field and we look forward to developing a strong relationship with them in years to come."
For more information on the world of investment choice that Paragon offers, visit www.sli.co.im/paragon.
-ENDS-
For further information please contact:
Scottish Life International
Zoe Redhead
Media Relations Officer
Tel: 0131 456 6024
Mobile: 07919 171946
Zoe.Redhead@sli.co.im
Notes to Editors:
Allfunds Bank was established in 2000 and specialises in investment funds. It is jointly owned by the Santander Group and Intesa Sanpaolo, and has over € 35 billion on the Allfunds Bank platform. The company is the largest third-party mutual fund platform in Europe with operations in UK, Spain, Italy, Portugal, Luxembourg, Latin America and the Middle East and currently represents over 11,000 funds from more than 220 Asset Management houses.
Royal London's new international business is being created through the combination of Scottish Life International and Scottish Provident International. A steering group, composed of people from both organisations, is currently designing a business, which has the capability to grow market share profitably in offshore markets.
Scottish Life International was launched in 1996 and is now part of the Royal London Group. The company has grown rapidly in size and now has funds under management in excess of £800m ($1.59bn) worldwide (as at 31 December 2007). Scottish Life International is based in the Isle of Man, where it is supervised by the Isle of Man Government Insurance and Pensions Authority.
Scottish Life International is a member of the Association of International Life Offices (AILO) and sponsors IFA Promotion (IFAP), which supports the need for independent financial advice.
Holders of policies issued by Scottish Life International Insurance Company Limited, based in the Isle of Man, will not be protected by the UK Financial Services Compensation Scheme if the company becomes unable to meet its liabilities to them. Policyholders will however be protected by the Isle of Man Life Assurance (Compensation of Policyholders) Regulations 1991.
Royal London Group is a specialist financial service provider. Its businesses focus on those sectors of the market which value premium propositions, operating through a number of brands:
- Scottish Life – UK pensions market
- Bright Grey – UK protection market
- Scottish Life International – offshore investment markets
- Scottish Provident International – offshore investment markets
- Royal London Asset Management – fund management
- Royal London Administration Services – life and pensions administration
- Fundsdirect / Ascentric – funds supermarket; Wrap platform
Royal London is one of the stronger life and pension companies in the UK, and has a strong track record for with-profits performance.
Royal London is the largest mutual life and pensions company in the UK with Group funds under management of £32.6 billion. Group businesses serve around three million customers and employ 2,630 people (figures quoted are as at 31 March 2008).
Promoted in the UK only by Scottish Life International Investment Group Limited, a Royal London company which is authorised and regulated by the Financial Services Authority. Registered in Scotland number 166387. Registered office: 19 St Andrew Square Edinburgh EH2 1YE.
Issued by Scottish Life International Insurance Company Limited. Registered Office: Clarendon House, Victoria Street, Douglas, Isle of Man IM1 2LN, British Isles, a Royal London company. Scottish Life International Insurance Company Limited is authorised by the Isle of Man Government Insurance and Pensions Authority. Registered in the Isle of Man number 076981C. A member of the Association of International Life Offices.