Navigator wins pot of Singapore gold
The Singapore arm ofNorwich Union’sNavigatormaster trust platform has signed a deal with the $61 billion Central Provident Fund Investment Scheme (CPFIS).
The Singaporean social security savings scheme, which is designed to take care of a member's retirement, home ownership, health care and financial protection needs, will offer Navigator as an investment administrator to its three million members.
Norwich Union Australia’s chief executive Rob Garnsworthy says Navigator’s adoption by CPFIS will ensure its growth and success in Singapore.
“The announcement is exciting as we can now provide our services to a huge pool of investors,” Garnsworthy says.
According to Garnsworthy, retirement savings for Singapore’s ageing population have become increasingly important, though entry costs for CPFIS members investing in unit trusts have been prohibitive until the introduction of Navigator.
CPFIS members will be able to invest in unit trusts through Navigator with no front-end sales charges, and the platform will absorb all agent bank fees charged.
“Navigator is delighted with the CPFIS Board’s decision, as it gives us access to a huge potential investment market consisting of over S$63 billion of uninvested funds,” Navigator Investment Services managing director Steve Heald says.
Hald says that the announcement, coming soon after Navigator’s Singapore launch in October, is an encouraging vote of confidence in the master trust which, though modelled on the Australian offering, has been tailored for local conditions.
Navigator is scheduled to expand its product offerings in 2003 and will apply to have these additional investment products included under the CPFIS.
Garnsworthy says Navigator aims to roll Navigator out around the world after the platform has been proved in Singapore.
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