Old Mutual International has launched a whole-of-life portfolio bond designed for Swedish investors.
Announcing its launch on Wednesday, Old Mutual said the new product, called the Swedish Executive Portfolio, would provide Swedish investors with an alternative investment wrapper in a market dominated by local custodians.
Describing it as a “simple, comprehensive and effective solution for tax-efficient wealth planning”, Old Mutual said investors would have access to a wide range of assets and would be able to take regular or ad hoc withdrawals.
According to Old Mutual, the majority (almost 90%) of its Swedish customers use an external custodian, thanks the preference in Sweden for investors either to have the bank hold all their assets, or to use an investment professional to manage their portfolios.
Old Mutual promoted its new product as an alternative to this one-note market, saying its new product would allow investors to “diversify their investments across multiple portfolios, without having to rely wholly on one investment professional”.
Old Mutual International sales director Marcel Bradshaw said: “Sweden is a market where the majority of business is managed by custodians, such as investment managers. This market leading proposition will enable clients to hold multiple investment managers within one life assurance contract, helping them to diversify the custodians looking after their wealth.”
Old Mutual International is part of Old Mutual Wealth, which oversees £98.7bn in customer investments.