Standard Life To Sell Offshore Investment Services From New Dublin Office

by Phillip Morton, Investors Offshore.com

31 January 2006

Financial services firm Standard Life has announced that it has been given the go-ahead by the Irish regulator to begin selling offshore investment products such as tax planning services from its new base in Dublin.

An application was submitted to the Irish regulator in March 2005, and final approval for Standard Life International Ltd (SLIL) was received earlier in the month.

SLIL, a wholly owned subsidiary of Standard Life, will sell cross-border into the UK under European Union 'freedom of services' legislation which, the company says, will allow it to offer a wider range of financial planning products from the Standard Life group.

Murray Drummond has been named as the new company's chief executive, and he will be based in Dublin.

Mr Drummond has been with the International Division of Standard Life for three years, and prior to that was involved in a number of European cross border ventures.

He observed:

"The time is right to enter the international market - our customers and strategic alliances have asked for an international product, while the emergence of the wrap market means offshore investment has become a more 'mainstream' option in investment and tax planning than it once was."

"The launch of the Dublin based operation makes sense for us - we already have a presence in the Irish market and are familiar with the regulator. It opens up a whole new market for us with a new product launching in the very short term."

"With lifestyle changes offshore investment is no longer a niche market - many travel overseas for work or retirement, this opens the door for much more efficient tax planning."

"This is the start of a long-term commitment to the offshore market and we envisage that over time we will expand the products and services available."

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