Skandia International targets Singapore for ‘Wealth Interactive’ launch
Skandia International Wealth Service has selected Singapore as the first market where it will offer the ‘Wealth Interactive’ product.
The new product will be introduced to advisers and customers via a new investment bond product known as the ‘Flexible Investment Account’, an online investment bond that allows lump sums, regular premiums and ad hoc investments, subject to the initial investment totalling $60,000 or equivalent.
“Investors will be able to make contributions into the account in several currencies and choose from hundreds of assets recognised by the Monetary Authority of Singapore.
The product also allows advisers and their clients to undertake goal planning, risk profiling, portfolio building, monitoring and review processes online,” Skandia said.
Withdrawals will be possible at any stage and free of charge, either as lump sums or as regular payments at a choice of intervals to suit individual needs.
“There is no fixed investment term or maximum limits on contributions. Premiums may be increased, reduced or stopped penalty-free,” it said.
Skandia International comprises Royal Skandia, Skandia Life Ireland and Old Mutual International, all of whom are offshore cross border manufacturers. It is a part of the worldwide Skandia Group, itself owned by South Africa’s Old Mutual plc.