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Product News: April 26, 2007
Standard & Poor’s Fund Services has assigned an ‘investment grade’ rating to Perpetual Protected Investments – Series 1.
The Perpetual Protected Investments (PPI) product offers the opportunity to 100 per cent gear into a choice of 14 managed funds over a six year, 11-month term.
Although this is a longer term than for similar products, a formal quarterly liquidity facility should help alleviate any liquidity concerns, with the product capital protected at maturity and managed using a more responsive mechanism than some other forms of protection in the market.
Ratings house Zenith continues to rate the Morgan Stanley Global Franchise Fund (GFF) ‘highly recommended’ and believes it remains an attractive investment for existing and new investors who invest prior to its soft close.
Macquarie advised that the Morgan Stanley Global Franchise Fund (GFF) would be closing to new investors on May 31, 2007. New clients will not be able to invest after this time, but existing investors will be able to top up their investment. The fund has a capacity limit of $500 million in net cash flows to protect existing investors against the performance impediment of having excess funds under management.
The Challenger Life No. 2 Ltd has been assigned a ‘BBB+’ rating from Standard & Poor’s, with a stable outlook for Challenger Financial Services Group, the parent of the fund, which has an ‘A’ insurer financial strength rating.
27 April 2007
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