Edinburgh-based insurer Standard Life is launching a business in Singapore to manufacture and sell investment-linked products.
Standard Life will have a nine-strong team who will work with 24 IFA firms and bank distributors.
Standard Life will have a nine-strong team who will work with 24 IFA firms and bank distributors.
Neal Armstrong recently joined the firm to serve as Singapore CEO. Standard Life has been granted a licence by the Monetary Authority of Singapore to engage in ‘defined market segment’ business in insurance.
Such business is not allowed to handle money taken from Central Provident Fund accounts, and requires a high minimum premium, effectively limiting product sales to wealthier people.
Standard Life intends to begin business this month and has over 250 products in the pipeline.
In addition to having affiliate Standard Life Investments manage some of the underlying investments, the firm has a further 20 or so third-party managers also running portfolios. With business not yet officially commenced, however, Armstrong declined to name the third-party managers. The underlying funds are all Sicav structures.
This is the second market in Asia where the insurer is opening doors for selling investment-linked products after Hong Kong, although the nature of the licence and the product in Hong Kong is different.
Three products in the initial offering will be tailored to the high net worth clients required by the licence, comprising two regular savings plans and an investment bond with access in time to 29 external fund managers and 16 Standard Life funds.
The first tranche of funds are currently getting approval from MAS and the aim is to be actively selling funds from next month as the distributor deals are finalised, Armitage said.
Source: Asian Investor, International Adviser
