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HIGH HOPES

Peter Kenny of Old Mutual International, which predominantly operates in the single premium market, is excited about the Isle of Man-based life company’s move into the high net-worth arena

With a cluster of international life companies celebrating 30 years on the Isle of Man, and you having lived and worked there for 27 years, how has the life industry fared?

The life companies have fared incredibly well over that period. They have been very good at identifying opportunities and responding to them, and I would now describe it as an industry that provides wealth solutions to international investors as opposed to the providers of products to UK expats.

There has been a lot of change throughout that period and it has always remained reasonably agile, which is one of the characteristics I like about the industry. It has contributed a lot to the local economy as well.

Is the Isle of Man still a good base for international life offices?

I have always been of the view that the Isle of Man is a very well-regulated jurisdiction. It has demonstrated its ability over time to be economically and politically stable. From an international life point of view, it continues to be pretty tax-neutral and, in that respect, the island remains a good place for international life companies to operate from.

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About International Adviser

As HM Revenue & Customs clamps down on the Qrops transfer market with a 25% tax charge, technical guru Brendan Harper gives his verdict on the latest international pension developments, The Fry Group’s top financial advisers in Singapore and Hong Kong talk about their fee-based approach and Old Mutual International’s Peter Kenny explains their new focus on high net worth clients.
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