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Cayman Islands-based fund management group Managing Partners, which specialises in managing portfolios of traded life policies, is offering a 3 per cent extra allocation on all new investments in any of the share classes in its Traded Policies Fund, whose sterling institutional share class has delivered 10.23 per cent net of charges over the year to October 1.
According to MPL, this performance in an extremely difficult economic environment has been a key factor in the 72.5 per cent growth in the fund's assets under management over the past 12 months, from USD80m to USD138m.
Traded life policies are US-issued whole of life assurance policies sold before the maturity date to allow the original owners to enjoy some of the benefits during their lifetime. The policies are purchased at a discount from their maturity value, which in the majority of cases is fixed at outset, which means they are guaranteed to rise in value. MPL estimates at more than USD20bn the value of such policies traded last year.
'In the current environment, investors are increasingly looking for alternative asset classes that can deliver growth,' says MPL managing director Jeremy Leach. 'TLPs have no correlation to other asset classes such as equities and bonds, and they are a low-risk option in that they are guaranteed to grow in value because the maturity value is known at the outset and the price offered for policies is always at a substantial discount. These are attractive characteristics to have when the world's stock markets are in free fall.'
MPL says it has seen a substantial inflow of money into its traded life policy funds from both retail and institutional investors, including five of the world's top 20 banks, pension funds and life insurers, including five of the top 10 life companies in the UK.
The fund offers three institutional share classes denominated in sterling, euros and US dollars, and three growth share classes in the same currencies. The 3 per cent extra allocation offer is available up to December 15.
MPL manages various Cayman-domiciled collective investment schemes and regulated mutual funds with total assets exceeding USD300m.
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