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Category Life Insurance

Galaxy Portfolio Services joins the Astute platform

07 December 2007 Astute FSE (Financial Services Exchange)

Astute, the financial services exchange used by advisers when undertaking personal financial planning for clients, has announced the addition of Old Mutual’s Galaxy Portfolio Services to the platform.

This is the first linked investment product set to be included on Astute’s quickly expanding range of life and investment options.

Mike Harper, Managing Director of Retail Affluent Old Mutual South Africa commented: “We are pleased to announce the inclusion of our Galaxy Portfolio Services products on the Astute Consolidated Client Portfolio facility. This means that the full range of Old Mutual retail products is now available via the Astute service.”

Designed to provide different tax and liquidity options depending on financial needs, the Galaxy range invests in unit trusts and a selection of life funds. The Galaxy Investment Plan, for example, is a portfolio of unit trusts that can be tailored according to risk, while the Galaxy Income Plan provides a regular, guaranteed income, with the potential to grow invested capital.

Other products include the Galaxy Retirement Annuity Fund, the Galaxy Preservation Pension and Provident Funds and the Galaxy Underwritten Life Annuity. The Galaxy Composite Annuity combines a guaranteed with-profit annuity and a flexible, market-linked annuity to offer security, market-linked income flexibility and the potential of capital growth.

Said Astute Managing Director, Biddie Biddulph: “We’re delighted to have on board Galaxy Portfolio Services as the first linked investment product company on the platform.

“This is in line with our objective to increase the range of options on the Astute portal with a view to enhancing value for intermediaries who are able to access and integrate data from different product providers across the financial services industry.“

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