Surrenda-link, specialist in alternative asset investment, has been granted
permission by the FSA to manage portfolios of Life Policies. Surrenda-link
has now been appointed as investment manager to the US traded life interests
(TLI) fund, the first UK quoted TLI Fund.
Ernie Hayes, Investment Adviser at Surrenda-link comments: "This is a testament to our established expertise in this area. Surrenda-link has an excellent track record in advising innovative secure growth investment vehicles. For example, Surrenda-link advised Allianz
Dresdner on the first traded endowment policy-based investment trust back in
1992 and also advised on the first OEIC combining TEPs and commercial property."
Hayes speaks about the fund: "The US Traded Life Fund invests in a diversified portfolio of TLIs and policies will only be purchased in cases where the underlying life insurers
are A-rated or better."
US Traded Life Interests (TLIs) are life insurance policies issued by US life insurance companies which are traded in a secondary market by investors and policyholders.
The secondary market in TLIs allows US residents to realise their life insurance policies for a value above the cash surrender value (if any). Following the sale of a TLI, the original policyholder remains the life assured but the buyer becomes responsible for the continuing payment of premiums under the policy and becomes the beneficiary when the policy matures.
The policies typically pay out a fixed amount following the death of the insured or, in certain cases, on the insured reaching a specified age. The fund will acquire a range of TLIs where the original policyholder is typically aged between 80 and 90 years. No viatical policies, that is,
policies of a life assured who is terminally ill, will be acquired.
