International Adviser December


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International Adviser December

  1. 1. DECEMBER 2011For Distributors of International Fund, Life and Banking Products One attractsoffshore IFA interest 5 UK offshore bond sales Kames Capital prepares forSingapore-based Scotsform business network 5Online recruitment agency miss ambitious targets Asia expansion BY SIMON DANAHERready for full rollout 5 BY HELEN BURGGRAF UK sales of single premium offshore bonds Kames Capital, formerlyGorst elected chief As the UK life insurance 8 Aegon Asset Managementminister for Jersey 7 Q1 industry heads into the UK, will launch into the Q2HMRC demands ‘proof’ final weeks of 2011, it is Asia market and has clear it will not end up 6 Q3 opened its first office inof Liechtenstein links 7 being quite the bumper Q4 the region, in Hong Kong.Singapore advisers year for offshore bond The office will be over- £bnstart using CKAs 7 4 sales to onshore clients seen by James Cooper, whoPrudential global drive that some had forecast. joins from financial consul-prompts Asia rebrand 8 In February, offshore tancy firm Liminal Image, 2 life industry executives told as head of business devel-Offshore property International Adviser that opment, Asia. Reporting totargeted by HMRC 8 favourable market condi- Kames’ head of distribu- 0Barclays Wealth looks tions for offshore bonds ’08 ’09 ’10 ’11 tion, Martin Harris, he willto double China assets 10 had caused them to set Source: ABI be responsible for develop- sales targets for their teams ing the business across theAviva expands into as much as 20% ahead of single premium and regular 38% ahead of 2009’s. Asian market.Benelux region 13 last year’s figures. premium offshore bonds Total new business sales Commenting on theMorningstar replaces But with the first three are running largely flat of UK-distributed offshore expansion plans, Harrisqualitative ratings 14 quarters of business now compared with last year’s bonds in the first indicated that Kames in, onshore sales of both results, which in turn were Continued on page 5 intends to expand quicklyCoutts fined for selling in the region.AIG product to HNWIs 17 He said: “In the mediumBoAML launches DimSum Index in HK 17 Health insurers looking towards China term we want to have some of our investment people Providing health insurance the world’s most expensive Within the past year, based in Asia, this will helpMiller steps down for expatriate employees in healthcare market, insur- though, a number of pri- our management of bothas Legg Mason CIO 18 Shanghai and elsewhere in ance experts say. vate health insurance insurance company assetsPimco fund taps into China has long been more “A room in a top giants such as Aetna and and third party assets.‘best credit ideas’ 18 challenging than in most Chinese hospital can vary Bupa, along with smaller “We hope to be able other major countries. anywhere from $600 to firms, have begun estab- to offer Asian funds toManulife set to enter Reasons include the $1,000 a night, and that is lishing a mainland pres- Asian investors, managedCambodian market 21 country’s lack of a private before the doctor has even ence to target the Chinese and run by Kames Capital healthcare network com- poked his head round the market, which is under- in Asia.”Lang takes over as parable to what expat Brits door,” said James Cooper, stood to include an esti- Andrew Fleming, whochairman of AILO 21 and Americans are accus- sales manager at insurer mated 600,000 expatriates. heads Kames, also saidWorld’s wealthy show tomed to back home. William Russell, which is Normally they do this that this year’s rebrandlittle trust in families 56 Indeed, top qual- looking after expat clients via an alliance with an was an important step in ity private care at the best from its UK base, as it established Chinese insur- the business “becoming a Features – page 4 Chinese hospitals can be as mulls its options in the er, which gives them an major force in investment expensive as it is in the US, mainland. Continued on page 7 management”.MD profile 27-28 Country profile 30-31 Intermediary profile 33-34Ian Phillips The Singapore The city Signia WealthInvestors Trust state has become Fresh thinking hasAssurance vice- a hub for Asia’s helped attract apresident on noveau riche and is steady number ofthe company’s boosting its appeal HNW clients to theambitious emerging to the region’s company in a shortmarket plans entrepreneurs space of time
  2. 2. contents ANALYSIS PROFILES TECHNICAL PORTFOLIOAsian advisory MD profile: Country profile: Briefing: International Fund selector: Asia exmarket 24-25 Ian Phillips 27-28 Singapore 30-31 Private Medical Japan equity 39-41The independent financial Ian Phillips, the vice-president With one of the fastest-growing Insurance 36-37 It has been a difficult year foradviser industry in Asia is of Cayman Islands-based insurer high net worth populations in investors in Asian equities, as The IPMI market has flourished, inflation concerns weighed onyoung compared with more Investors Trust Assurance, the world, according to a report despite the global economic markets. Against this backdrop,developed financial services discusses his strategy for by Merrill Lynch/Capgemini, downturn. Tim Mutton at Now OBSR’s Diego Higuera looksmarkets such as the UK. servicing clients in emerging Singapore is an attractive markets. The company plans to Health International explains the at the top-performing AsiaIn Singapore, for example, market for financial advisers. target high net worth individuals factors advisers should take into ex Japan fundslegislation providing for the Non-resident Indians, Chinese in Malaysia, he explains, and account when choosing a policycreation of such entities was and Indonesians are among theonly introduced in 2001. A will concentrate on expanding STATISTICS groups of wealthy individualsstudy by NMG Insights, which its distribution, developing new products and enhancing its that IFAs are seeking to attract The IA Quality Fundswas based on interviews withsome 120 IFAs, premium banks, technology-based solutions 43-48 Intermediary profile: A list of the blue chipsprivate banks and private bankbrokers, shows how the sector Signia Wealth 33-34 of the offshore fund worldis progressing, and reveals that Nathalie Dauriac-Stoebeadvisers are strongest in the describes how the company Banking deposits 49HNWI sector. The research also she founded only 18 months The top-paying offshore accountsindicates that local investment ago has built up assets underproduct providers are beginning management of more than £2bn CLASSIFIEDSto attract business away from in that time, with an approachpreviously-dominant offshore which instils confidence in its Life listings 50-51 Recruitment 53-55life insurance players. Helen clients, despite its relatively Find the job that suits you in IFABurggraf analyses the findings short track record Service listings 52 firms operating around the globeIA Intermediary Panel IA Tax Panel Graham Barnes Tony Shah Paul Stanfield Margaret Jago Rachael Griffin Director, Associate director, Chief executive, International Head of product international Christchurch FEIFA technical law and financial division, Investment Mgt, manager, planning, Skandia The Fry Group, UK UK Aegon Ireland International Peter Sayers Tim Searle Sean Kelleher Gerry Brown Mark Green Director, financial Chairman, Chairman, Head of trusts Head of estate planning, Globaleye, Dubai Financial Partners and taxation, and tax planning, Horizon Financial Group, Dubai Prudential Legal & General Services, Jersey International David Bellingham Gary Boal Robert Parker Brendan Harper Julie Hutchison CEO, Professional Managing Chief executive, Technical Head of Investment director, Holborn Assets, services international Advisory Services, Boal & Co, Dubai manager, FPI technical insight, Singapore Isle of Man Standard Life Int’l Mark Rawson Rex Cowley Mahmoud Brian Murphy Neil Chadwick Business director, Principal, Nodjoumi Senior financial Technical The Henley Group, Newdawn Chairman and planning manager, Royal Hong Kong Consultancy & chief exec, Nexus manager, London 360º Research, Jersey Group, Dubai Axa Sun Life Ernest Chan Sam Instone Mike Coady Paul Kennedy Sandra Hogg Chief commercial Director, AES Director, deVere Business Senior tax officer, Convoy International, UK Group, Western development manager, Scottish Financial Services, Europe director, Widows Hong Kong FundsNetwork Bill Blevins Sarah Lord Rainbow Pan Chris Allatt Anthony Rothwell Managing Wealth planning CEO, ipac, Hong Senior tax Technical director, Blevins director, Killik Kong consultant, consultant, Franks, & Co, Middle Sanlam UK Canada Life pan-Europe East & Asia International 4 INTERNATIONAL ADVISER [] DECEMBER 2011
  3. 3. » » » » » » »Financial Strength Rating A M BEST B++ Good
  4. 4. MD PROFILE IAN PHILLIPS profilesEmbracing new territoriesInvestors Trust Assurance was founded on an intricate understanding of the opportunitiesand potential offered by emerging markets. Vice-president Ian Phillips explains how thecompany plans to expand its distribution and enhance its serviceWhat is the history of Inves- Which countries are attrac- region. Also, we are pros- How do you intend to achievetors Trust? tive in those regions? pecting in India and Dubai. your aims?Investors Trust Assurance, The company recently We believe emerging mar- Regarding distribution, as Ia registered Cayman Islands obtained a licence to con- kets are the place to be mentioned before, we areinsurer, commenced opera- duct business from Labuan, and we happen to under- increasing distribution intions in 2002. Prior to Malaysia, with the idea of stand them very well, since new markets and, at thefounding the company, the targeting high net worth those markets were the same time, expanding ourprincipals distributed unit- individuals in Malaysia and foundation of the compa- network in our existinglinked policies, life insur- other countries in the ny. There is a vast emerg- markets. Emerging markets uranceance and health insurance ing mimiddle class in these will continue to be the merica,throughout Latin America, countri countries, which for the driving force for us, espe-as agents of several large l tim first time has the possibility cially in the next five firms. At the start he sati to satisfy certain needs, Our offices in Hong Kong, entifiedof the ’00s, they identified such as providing for their Kuala Lumpur and Monte-the need for a companympany childre children’s education or video will be essential towhere product develop-velop- their o own retirement. We accomplish this goal. stomerment, premier customer are in a position to help In regard to new prod- ology-service and technology- them re reach their goals. ucts, in 2010 we introducedbased solutions were a a successful fixed annuityfocal point. After more than re Are th there other regions in to complement our unit-a year researching the whic you would like to which linked offering, and we arebest jurisdiction and nd expa distribution? expand currently launching a muchstructure, Investors rs We are exploring some improved unit-linked prod-Trust was born. op opportunities in Africa, uct that is more cost-effi- a continent we think cient and easier to under-What products does ha has not been serviced stand for distributors andthe company provide? ap appropriately by our clients. For 2012, develop-Investors Trust’s in industry – we want to ing a portfolio bond is atcore product portfo- ch change that. the top of our list. Overall,lio is comprised of f it is extremely important to eunit-linked insurance W What are your objec- listen to the market, to ourpolicies, character- - ti tives for Investors distributors, and proactive- e-ised by a single pre- Tr Trust over the next five ly develop products that fitmium payment or y years? their needs.regular contributionsns W We are concentrat- On the same note, tech-over many years. rs. i ing on three key nology-based solutions areFurthermore, it offers a s a areas: expanding becoming a must. We were “ ductfixed annuity product d distribution, develop- pioneers creating some of We are exploring ties,with different maturities, ing new products and these solutions, like the ectedand capital protected enh enhancing our technol- electronic business submis- some opportunitiesindex notes linked to the o ogy ogy-based solutions. sion and the e-app – a in Africa, a continentS&P 500 Index. We live in a dynamic web-based paperless plat- ecialis- The company specialis- world where in order to world, form where our distribu- we think has notes in emerging markets in kets be suc successful you need to tors can easily open new been servicedAsia Pacific and Latin keep yyour mind open and business for clients. The nnoun-America, and has announ- be pro proactive. We pride company has, at any point appropriately by ourced plans to target other ourselv on being at the ourselves in time, between 60 and 80 industry – we want ”markets in Asia and the nd leading edge of the internal projects of differ-Middle East. industry industry. ing complexity, aimed at to change thatDECEMBER 2011 [] INTERNATIONAL ADVISER 27
  5. 5. MD PROFILE IAN PHILLIPS improving our platform. Bermuda, Ireland and On average we implement BIOGRAPHY Luxembourg are well devel- between 15 and 20 projects Ian Phillips is the president of Investors Trust Assurance Global Trust oped, but other financial per month. Company and ITA Global Securities, and vice-president of ITA SPC, jurisdictions may not have all of which are regulated in the Cayman Islands. He spent ten years the controls in place to pro- What are the biggest chal- with National Westminster Financial Services (now part of Coutts) as vide the oversight clients lenges the company faces? a trust officer and investment adviser, before moving to the Caymans should be receiving. Based on the past three in 1994. In addition to his role at ITA, he serves on the council of the Society of Trust and Estate Practitioners in Cayman. years, I would say market What is your business turbulence and the global background? regulatory environment. companies from our indus- shore in recent years. I have spent almost 30 Volatility in the financial try were having the same The financial crisis and years in the financial serv- markets generates uncer- challenges we are experi- increased taxation will lead ices industry, with the past tainty in our clients, who encing. We look forward to to additional interest in the 18 of these being located see the value of their participating in some of the life insurance industry, as in the Cayman Islands. My accounts diminished and association’s committees to people find ways to pro- focus is providing struc- sometimes postpone finan- further discuss these chal- tect their wealth from the tured solutions for clients, cial decisions waiting for a lenges, share our opinions, higher tax burdens. Already taking into account estate ‘better time’. Unfortunately and ultimately find solu- the EU Savings Tax planning, asset manage- nobody knows when tions for all of us. Directive has been amend- ment, protection and tax better times are coming ed so as to include insur- efficient structures. and this situation affects How will the company differ- ance products. India and our sales, persistency and entiate itself from its China continue to develop Who are your business overall company growth. competitors? their insurance industries, heroes? Our clientele has been The same way we have and these are regions They have tended to be very resilient during 2011, done it so far: better cus- where one could expect to some of the clients I have but we would like to see a tomer service, cost-efficient see growth in the coming worked with throughout less volatile market. products and a leading five years. my career, so I cannot dis- After the 2008 global technology-based plat- close their names. There economic crisis, an increas- form. Over the past ten What are your likes and dis- was one in particular in ed regulatory environment years, we introduced sev- likes about the cross-border London before I left for the has been the common eral features that were later life sector? Cayman Islands that I denominator around the followed by our competi- When it comes to life admired greatly, and that I world. We believe in dia- tors, such as multi-lan- insurance and investments, learned a significant logue between the regula- guage client web access, individuals can have a amount from in relation to tors and our industry, and service points in all regions multitude of concerns customer services and rela- this is one of the main rea- and the electronic applica- about products in their tionship management. sons why we joined AILO tion platform. We need to own country – the fear [the Association of Inter- continue on this path. of currency devaluation, What is the hardest business national Life Offices] this government instability, lesson you have learned? year. AILO is the perfect In what ways do you expect inflation or confidentiality The harder you work does“ Unfortunately conduit to reach out to the international life industry and taxation. This is not an not mean the more you regulators and we are to change over the next five exhaustive list but gives a succeed – you end upnobody knows when looking forward to becom- years? number of reasons why the taking on more andbetter times are ing meaningful contribu- Following the financial cross-border life sector more, and your overall tors to the association. crisis, the global insurance brings a value proposition results drop. The more effi-coming and this industry is changing and to many clients. ciently and effectively you What do you hope to achieve this, together with the Given that the sector is work, the more successfulsituation affects through your membership of evolving emerging markets growing at this time, new you will be.our sales, persistency AILO? – in particular China and companies are entering the To belong to a forum where India – brings new chal- market and the ability to What is the best piece ofand overall company the company is able to dis- lenges and opportunities. enter the market through business advice you couldgrowth. Our clientele cuss the challenges of the As debt and deficits spiral some less-regulated juris- offer someone? marketplace, and to build out of control, govern- dictions is a dislike. It is It is more important tohas been very consensus with our com- ments continue to look at important that financial listen to what the clientresilient during petitors regarding important how to increase their tax advisers and clients are wants and find a solution matters. We had a great revenues and limit avoid- mindful of the jurisdiction to fit his needs, than to2011, but we would experience during the latest ance. Insurance will no from where the insurer is ‘sell’ the client somethinglike to see a less members’ meeting in doubt be scrutinised, as a based, as well as its market they may not want; even if ” October. It was important significant amount of capi- capitalisation. Markets such you believe it is the bestvolatile market for us to hear that other tal has been located off- as the Cayman Islands, solution for them.28 INTERNATIONAL ADVISER [] DECEMBER 2011
  6. 6. INTERNATIONAL LIFE & BANKING LISTINGS LIFE LISTINGSProfessionalservices Company name: Aegon Ireland plc Address: 2nd Floor, IFSC House, Custom House Quay, Dublin 1, Ireland Company name: La Mondiale Europartner Sa Address: Atrium Business Park, 23A, rue du puits romain, ZA Bourmicht L- 8070 Bertrange, LuxembourgHere are some of the biggest Tel: +353 (0)845 600 0173 Tel: +352 45 858744 • 0808 234 6607 (client services in UK) Fax: +353 (1)673 8940 Fax: + 352 45 8718players in the offshore professional Email: Email: advisers@lamondiale.luservices arena with a description Website: Website: www.ag2rlamondiale.luof their services and their contact Aegon (a brand name of Aegon Ireland plc) provides La Mondiale Europartner is based in Luxembourg and hasdetails. If you are interested in attractive investment solutions, particularly to UK investors. gained experience in wealth management solutions over With a heritage in the offshore market dating back to 1995, many years. They now operate in several EU countriesbeing included, please contact Ben Aegon is a leading provider in its chosen market. including France, Luxembourg, Italy, Portugal, Spain, We are part of the Aegon Group, which is one of the Belgium and the UK.Wiseman on +44 (0)20 7065 7573 world’s largest listed insurance companies with assets Their focus is aimed at the cross-border aspects ofor email: ben.wiseman@ under administration of around £348bn. wealth management, enabling them to produce unit-linked, Based in Dublin, one of the world’s most dynamic financial multi-currency, multi-manager, multi-lingual – centres, we also benefit from an enviable infrastructure. The and expatriate pension solutions. client service team in Dublin draws on the talents of a large, Product offerings young, motivated and highly skilled workforce. Bond 4 European Mobility is for UK-based independent Our service ensures that quality assurance is embedded financial advisers providing a cross-border-compliant, in all we do to meet the requirements of our customers. tax-efficient, multi-currency wrapper with open architecture. Product offerings Investment is allowed via collective investment schemes A portfolio bond, a packaged inheritance tax plan chosen by the client/IFA or may be managed by (a discounted gift trust plan), a regular savings plan a discretionary manager. and a guaranteed income plan. The bond allows access to the La Mondiale’s main fund, which provides guaranteed returns in £, and $. Locally compliant investment solutions are also available to IFA’s advising UK expatriate clients residing in Spain and France.Company name: Investors Trust Assurance SPC Company name: IOMA Group Company name: Irish Life International LimitedAddress: Suite 4210, 2nd Floor, Canella Court, Camana Bay, Address: IOMA House, Hope Street, Douglas, Isle of Man, Address: Bloodstone Building, Sir John Rogerson’s Quay,PO Box 32203, Grand Cayman, KY1-1208, Cayman Islands IM1 1AP Dublin 2, IrelandTel: +1 (305)603-1400 Tel: +44 (0) 1624 681200 Tel: +353 (1) 487 0700 • Fax: +353 (1) 487 0704Fax: +1 (786)363-1822 Fax: +44 (0) 1624 681390 Email: sales@seb.ieEmail: Email: Website: www.irishlifeinternational.comWebsite: Website: Irish Life International, a life insurance company incorporatedInvestors Trust Assurance SPC (“ITA”) is an international IOMA Life is part of IOMA Group, which offers a complete and regulated in Ireland, was established in 1994. Ininsurance company licensed and regulated by the Cayman wealth and risk management service from its base in the Isle September 2011, Irish Life International was acquired by SEBIslands Monetary Authority. ITA has gained a leadership of Man, one of the world’s best regulated and most successful Trygg Liv Holding, which is part of the SEB Group, one of theposition in the international insurance markets by specializing financial centres. We administer or manage over $8 billion of largest banking and life assurance groups in northern the provision of investment–linked insurance products and funds for global clients, and have a proven track record in SEB Group has been providing financial services to its clientsclass leading customer service. With service offices innovative solutions that deliver good results and mitigate risk. since 1856.established to support policyholders around the world, ITA The IOMA Group is small enough to offer a highly personalseeks to provide opportunity to its policyholders through service, but sufficiently large to provide in-depth, specialist Product offeringsaccess to the global financial markets. ITA is constantly expertise. The business is comprised of eight divisions. Each Irish Life International engages in the cross-border distributioninnovating, and investing in technology to allow clients online is a specialist in its own area, but all share the same desire to of insurance-based investment products under the EU Thirdmulti-language (English, Spanish, Portuguese, Chinese and grow our business by delivering effective results. Some clients Life Directive on a freedom-of-services basis.Japanese) access to manage their investment-linked products. only use one service, others mix and match between It provides a range of unit-linked whole-of-life insuranceProduct offerings businesses to suit their needs at the time. The divisions are: products that offer an extensive choice of investment optionsITA works with some of the world’s top asset managers under Solutions, Life, Investment Management, Fund Management, and funds. It offers a wide range of territory-tailored productsits convenient open architecture platform. It provides clients Pensions, Fiduciary, Captives and Insurance. for residents of UK, Isle of Man, Channel Islands, Spain, Italy,with greater investment choices and the ability to plan for a Product offerings the Netherlands, Belgium, France, Finland and Cyprus.happy and comfortable retirement and to provide for their IOMA Life offers a wide range of inheritance tax mitigation and Its portfolio products are open architecture offeringchildren. Specialising in medium to long term investment-linked estate planning products. It provides traditional single premium a very broad external asset choice as well as our rangeproducts tailored to meet the needs of investors around the UK products via an offshore portfolio bond and a wide range of of approximately 100 internal unit-linked, ITA offers a range of flexible, tax-efficient products specialist unit linked life products. IOMA Life is also a sought Irish Life International is regulated by the Central Bankincluding regular and single premium annuities, designed to suit after provider of offshore bonds for investment platforms. of Ireland.various income levels and financial planning needs.50 INTERNATIONAL ADVISER [] DECEMBER 2011