BoE, the specialised banking and financial services group has announced this week that its International Portfolio Service (BoEIPS) has added seven new funds to its offshore fund supermarket, InterLink. According to the Isle of Man online news service, the three funds from Morgan Stanley, two from Schroders, and one each from Investec and Franklin Templeton now bring the total number of funds available to 83.
With a location in the Isle of Man, BoEIPS is part of the South African BoE Group. The group is extremely popular among South African high net worth individuals because it enables its clients to easily shift all or a proportion of their life-time foreign exchange allowance offshore which gives access to international markets as well as protection from the depreciating South African rand.
The BoEIPS service is based on LISP (Linked Investment Service Provider), a concept which emerged from South Africa and is derived from an 'execution-only' basis where the investor and/or his investment advisor can make all the decisions regarding fund selection and dealing.
According to the IOM news service, the LISP acts as a 'node between many fund houses and many individual investors. Thus the service provides a centralised point for consolidated dealing, reporting and, importantly in the field of offshore planning, custody ... As such LISPs can effectively be viewed as a precursor to fund supermarkets in the UK.'
Vernon Boulle, managing director of BoEIPS, said: 'We are delighted to be able to extend our fund range to include increasingly divergent investment options for our clients, especially from such internationally renowned fund houses. We have added these funds not only to offer greater choice to investors but also in response to current stock market conditions, where investment strategies need to be selected carefully in order simply to preserve capital, let alone to make gains.'
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