New investment solution for UK expats launched in the Middle East and Africa
Old Mutual International will appoint a discretionary fund manager, Quilter Cheviot, to manage the investment portfolio linked to the bond.
Old Mutual International has launched a new bond in the Middle East and Africa called the Wealth Portfolio. The new solution sees Old Mutual International and Quilter Cheviot come together to help deliver enhanced investment outcomes for UK expats in the region through a bond which is fully portable when the expat returns to the UK. it said in a statement.
Old Mutual International will appoint a discretionary fund manager, Quilter Cheviot, to manage the investment portfolio linked to the bond. "As this innovative solution also removes any client influence over the investment choice or asset selection, the bond is not regarded as a ‘highly personalised portfolio bond' and therefore the UK ‘deemed gain’ tax charge of 15 per cent will not be applied upon the customer’s return to the UK. This also means that the bond is able to invest in a broader range of assets than is usually permitted within a generic international portfolio bond in the UK, such as direct equities," said that statement.
Brendan Dolan, sales director, Old Mutual International, comments, “This is a great example of how Old Mutual International is working together with Quilter Cheviot to deliver compelling solutions to advisers and customers. The new innovative solution will be of interest to UK expats living and working in the Middle East and Africa who want to save for their future, and want a discretionary fund manager to be appointed to access to a wider investment choice, without fear of incurring a deemed gain tax charge by HMRC when they return to the UK.”