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September 05, 2002 at 08:00 PM
LONDON (HedgeWorld.com)–Platinum Capital Management Ltd. and Hansard International Ltd. have teamed to offer a single premium whole life insurance contract that can be wrapped around offshore investments.
Executives for Platinum said in a statement that investments in the security, called the Platinum Wealth Management Bond, grow in value tax free, with proceeds paid in any country without deducting taxes owed on the investment. The Isle of Man-domiciled offering can be sold in most countries but not in North America, France or Hong Kong, said Craig Reeves, a managing director for Platinum.
Even though Platinum’s name is on the bond, just about any kind of tradable investment can be put into it, Mr. Reeves said. But in practice, because Platinum affiliated companies will be the primary distributor, Platinum investments are most likely to end up in the bond. Investors in the security will get exclusive access to new Platinum single strategy hedge funds and lower-minimum investment access to its multi-manager funds.
