UK/EUROPE - Scottish Widows International is launching an offshore US dollar with-profits fund and Euro with-profits fund via its international investment bond from January 18.
Mike Smith, international business development director for Scottish Widows, said: Our research shows that many of our customers want to have access to a with-profits fund from Scottish Widows International, but they are looking for underlying investments in currencies other than sterling.
These new funds will be managed by the same investment team that manages the sterling with-profits fund, but the underlying assets will be invested primarily in either US dollars or euros.
Although the value of equities has proved to be volatile recently, there is no doubt that with-profits products are expected to provide good value over the long term when compared with many alternative savings and investment vehicles.
As well as launching these two new funds, it will now be possible to have the international investment bond denominated in euros. This is timely, given that over the early months of this year, the euro is being fully embraced across the 12 countries in the Euro-zone.
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