Users of Glacier International’s Global Life Plan will have access to its full range of offshore segregated discretionary services, including its risk-rated, multi-asset and single strategy (bond and equity) portfolios, which are available in multi-currency options and for a variety of entry levels.
Lindsay Bateman, business development director at Brooks Macdonald International, (BMI) said the move meant that IFAs in South Africa, who have access to the Glacier platform, will be able to invest their clients into BMI’s offshore products.
“This is the first time that Brooks Macdonald’s discretionary model portfolios are available on the Glacier platform,” he said.
“South Africans want to invest some of their wealth offshore for diversification. They are able to do that since the lifting of exchange controls limits…and of course what they want to do with that is to make sure they invest it in a safe environment with a quality established firm, that is a specialist in asset management,” he said.
Andrew Brotchie, managing director of Glacier International, said: “Brooks Macdonald’s experience in managing over $10bn (£6.6bn, €9.4bn) of multi-asset, multi-currency investment portfolios, and their understanding of the range of requirements that South African offshore investors are seeking, means they provide a strong fit with our international offering.”
BMI, which obtained its regulatory licence in South Africa in May, had already made its service available on the Old Mutual International platform, and Bateman said the company was looking to add further agreements.
“We don’t want to add too many because you want them to be the higher profile, well regarded platforms and, secondly, we want to support the listing on the platform,” he said.
BMI is a specialist, independent investment manager with offices in Jersey and Guernsey, providing discretionary management, custody and dealing services for professional advisers, private clients, trusts, charities and pension funds.