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22/07/2014

Skandia International, part of Old Mutual Wealth, develops its growth strategy in Asia with two new developments. Firstly, it has expanded its presence in Asia by entering into a strategic partnership with Jardine Lloyd Thompson Asia (JLT), one of the largest brokers in Asia. Secondly, it has launched an innovative new life cover solution to meet the needs of high net worth individuals and businesses in Asia.

The partnership with JLT is a key milestone in Skandia International’s Asian strategy. JLT has a global reach, and Skandia International will benefit from their experienced distribution network, with the potential to access 50 well-known private banks in Hong Kong and Singapore. This will enable Skandia International to offer its award winning product and expertise to a broader set of customers, including high net worth Asian investors.

Skandia International’s new innovative life cover solution, called the Silk Life Plan, is a Variable Universal Life product. It is a specialist solution designed to meet the needs of high net worth individuals and businesses and will be particularly attractive to clients of private banks.  Silk is a hybrid solution that offers the security of a high end life cover policy combined with investment flexibility.

Silk allows a wide range of investments to be placed into a life product. This enables investors to invest their wealth during their lifetime whilst also participating in life assurance. High net worth Asians are generally asset rich, but these assets (e.g. property, investments and businesses) can be difficult to dispose of quickly in the event of death. This can leave the investors’ family with little accessible cash. Silk can help with legacy planning, estate equalisation, business continuity, key man insurance and talent retention, making it an attractive solution for high net worth Asians. 

Steve Hickman, global head of high net worth at Skandia International, comments:Steve Hickman

“We are seeing growing demand from high net worth individuals for higher levels of life protection. Our innovative Silk product will meet this demand head on, whilst ensuring their investment requirements are also met.

“We have ambitious growth plans to widen our product offering and distribution in the Asian market, specifically in the high net worth segment. The partnership with JLT and the launch of our new innovative Silk solution is a powerful combination which will enable us to meet the needs of the high net worth sector.” 

For more information contact

Amelie ShepherdOld Mutual Wealth02380 916 09107834 499 596
Tim Skelton-SmithOld Mutual Wealth02380 916 998078 2414 5076

Notes to Editors:

Old Mutual Wealth is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Old Mutual Wealth oversees £131.3 billion in customer investments (as at 30 September 2017).

It has an adviser and customer offering spanning: Financial advice; investment platforms; multi-asset and single strategy investment solutions; and discretionary fund management.

The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.

Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

Advice and Wealth Management encompasses the financial planning network, Intrinsic; Old Mutual Wealth Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Old Mutual Wealth’s multi-asset investment solutions business.

Old Mutual Global Investors (‘OMGI’) is the asset management business of Old Mutual Wealth with £39.8bn funds under management (as at 30 September 2017). On the 19th December 2017, Old Mutual Wealth announced that it has agreed to sell its Single Strategy asset management business to the Single Strategy Management team and funds managed by TA Associates. The proposed transaction is subject to customary closing conditions, including regulatory approvals. 

Following managed separation from Old Mutual plc, Old Mutual Wealth will rebrand to Quilter plc. Each of the businesses within the Quilter Plc group will be rebranded over a two-year period, with the exception of Quilter Cheviot, which will retain its existing name.

Old Mutual Wealth is part of Old Mutual plc, a FTSE 100 group that provides life assurance, asset management, banking and general insurance. Old Mutual is trusted by more than 19.4 million (as at 31 December 2016) customers across the world and has a total of £212.3 billion of assets under management (as at 30 June 2017).

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