Zurich to launch funds via new ACD business
“We regularly assess the most efficient and effective way of structuring our approach to providing investment solutions. The creation of our own ACD is an important step for us and will be essential to ensuring the smooth running, compliance and quality of service around funds," said Gary Shaughnessy, CEO of Zurich UK Life.
"The creation of ZISUK means we have greater control over delivering the best possible investment service to our customers at the lowest possible price."
As an ACD, ZISUK will be able to market its own funds, subject to regulatory approval. However, it will not directly manage funds and Zurich is therefore not establishing an investment arm.
Instead, ZISUK will be a true multi-manager ACD, selecting the best fund manager to partner with for each fund, or range of funds that it launches. It has appointed Northern Trust to provide transfer agency, fund accounting, custody and depositary services.
"We are delighted to extend our existing relationship with Zurich and be selected to provide this innovative solution,” said Wilson Leech, head of Northern Trust in Europe, Middle East and Africa.
“As the market continues to evolve, we see an increasing demand for flexible solutions that can support unique risk profiles and market requirements.”
Having secured ACD status, Zurich will be launching its first range of funds, subject to regulatory approval, in Q1 2015, and we will provide more details over the next few weeks.
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