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Citigroup targets UK IFA market with new fund

Tuesday 19th January 2010
By Mike Jones

The retail structured product division of global financial services firm Citigroup is targeting the UK independent financial adviser (IFA) market with a new fund.

CitiFirst is launching a new UK Autocall Fund, a UCITS III Open-Ended Investment Company for the UK IFA community designed to offer investors the potential for attractive predefined returns.

"The IFA community has been through a lot this year, with the demise of various plan managers, many changes to the regulatory environment, preparing for RDR, concerns about counterparty diversification within client portfolios, the list goes on," said Emma Davidson, Director, Head of UK retail structured product sales for CitiFirst, Citi’s full-service model for structured investment solutions.

"To me, it has become clear that there are elements of both funds and structured products that address these points and we have decided to combine the best of both these worlds to create The UK Autocall Fund," she said.

The Fund provides the unique features of an "autocall" strategy with the advantages of an open-ended, 100% collateralised and regulated UCITS III fund. 

Bringing a UCITS III-approved structured fund to the UK retail market is a continuation of the success of Citi’s global structured funds platform. Citi currently has over US $5billion globally in assets under management in various structured funds and their UCITS platform was established in 2006. The UK Autocall Fund has been designed specifically for the UK IFA community and is intended to be available via fund platforms and offshore insurance bonds.

The Fund, which is linked to returns from the FTSE 100 Index of leading UK company shares is designed to deliver potentially attractive, predefined returns to investors over five-year investment cycles or shorter if autocalled. Returns of 9.25% p.a. are achievable while benefiting from a level of conditional capital protection. In addition, the Fund’s assets are fully collateralised by G7 sovereign debt.

The Fund is currently open for subscription with a minimum initial investment of GBP £10,000 and subsequent investments of GBP £1000. There is no lock up on investments and redemptions can be made daily. Visit www.funds.citi.com for more details.

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