First Gulf Bank's First Wealth to offer Old Mutual's (Bermuda) international investment plans

First Wealth was set up to target primarily the UAE's and the region's High Net Worth Individuals (HNWI) and mass affluent segments. It provides a comprehensive range of investment products and services tailored to the financial planning needs of local and expatriate clientele.

Mufazzal Kajiji, Head of Wealth Management at FGB said "OMB has become a leading and innovative provider of investment plans in the region and we believe their plans offer the flexibility and choice of investments that our clients require with added living and estate benefits. FGB will offer customized plans to suit the risk profile and ensure the best returns in line with our clients' objectives."

As part of the distribution tie-up, First Wealth will offer 3 different plans to its clients: the Universal Investment Plan, an investment plan which offers long-term growth potential with a variety of investment options including international equity, bond, hedge and money market funds, as well as fixed rate accounts.

The Guaranteed Index Plan, an investment plan with index options that links returns to the values of the world's major indices, while guaranteeing after 5 years a minimum of 105% of the amount invested. The Guaranteed Rate Plan, an investment plan offering a fixed rate solution that allows control over maturity and flexibility of return, with guarantee rate periods of 1, 2, 3 and 5 years.

OMB was formed in May 2000 in Bermuda, as a subsidiary of UK based Old Mutual plc, a leading global financial services company with operations in the US, Europe, Africa and Asia. OMB is active in life assurance, asset management, banking and property/casualty insurance.

Mark Kaplan, Global Head of Distribution at OMB said, "Starting 2004, we have seen rapid growth in our business in the UAE and we firmly believe that this region presents significant opportunities for growth over the next few years. We have grown our business by offering our products through quality distributors & advisors and will continue to build on that model. First Gulf Bank is one of the leading banks in the region and we believe their distribution set up will add significantly to our business here."

Mark Hollice, Regional Director, Middle East & Africa at OMB said, "We are witnessing remarkable interest in our products and are looking to expand our distribution via quality and committed players. FGB's Wealth business model is among the best in the region and are confident that our products will add value to First Wealth clients."