The move means Portugal-based investors will be able to access Brooks Macdonald International’s full range of multi-asset and single strategy portfolios after signing up for the PWP product.
European drive
Richard Hughes, head of business development for Brooks Macdonald International, said the deal with Generali was the company’s first big tie-up with a major insurance company in mainland Europe.
“This initiative in Portugal is the beginning, we hope, of a more extensive story across Europe of making our investment solutions available through their widely-distributed insurance investment solutions for retail and affluent clients,” Hughes said.
He added that part of the attraction of starting in Portugal was the country’s Non-Habitual Residency Scheme, which is designed to attract more wealthy and affluent EU citizens.
Among its many features the scheme offers beneficial tax treatment for pensions and other life insurance products (including unit linked), which helps significantly reduce the effective tax burden on capital invested.
Market opportunity
There was also a specific market opportunity for Portugal as there are no other major Portugal–compliant insurance wrappers available for the expat community, he added.
