OLD MUTUAL INTERNATIONAL (OMI) PROTECTED GLOBAL EQUITY ABSOLUTE RETURN FUND

Transcription

1 OLD MUTUAL INTERNATIONAL (OMI) PROTECTED GLOBAL EQUITY ABSOLUTE RETURN FUND Issue 4 August 2017 For Financial Advisers only INTERNATIONAL

2 OMI PROTECTED GLOBAL EQUITY ABSOLUTE RETURN FUND, ISSUE 4 (THE FUND) For Old Mutual International Investment Portfolio+ clients only. Available for investment from 8 August 2017 to 22 September The subscription may close early if the Fund is oversubscribed. Open for investment: 8 August 2017 Closed for investment: 22 September 2017 Start Date (initial valuation date): 6 October 2017 Valuation Dates (averaging dates): Monthly, starting on 6 October 2021 Final Valuation Date: 6 October 2022 Maturity Date: 13 October 2022 In this brochure, you will find details of how the OMI Protected Global Equity Absolute Return Fund, Issue 4, works, its benefits, the various parties involved in managing your client s investment and information on any potential risks. Please read this brochure in conjunction with the relevant Old Mutual International Investment Portfolio+ Key Features Document, Application Form and the General Conditions. All values in this brochure (including the potential return) are calculated assuming the Issuer, Investec Bank plc, will not default during the term of the Fund. Please refer to page 13 for a summary of the risks associated with an investment in the Fund. Page 2 of 15

3 CONTENTS PAGE NUMBER What is the OMI Protected Global Equity Absolute Return Fund, Issue 4? 4 The Fund in Brief 5 What does the OMI Protected Global Equity Absolute Return Fund, Issue 4, invest in? 6 Who is Investec Bank plc? 7 What is the Underlying Fund? 8 How are the returns calculated for the OMI Protected Global Equity Absolute Return Fund, Issue 4? 9 Is the Fund right for your client? 10 How can your client invest in the Fund? 11 What are the risks associated with investment into the Fund? 13 Important dates and numbers for the OMI Protected Global Equity Absolute Return Fund, Issue 4 14 Important information 15 Page 3 of of 15

4 WHAT IS THE OMI PROTECTED GLOBAL EQUITY ABSOLUTE RETURN FUND, ISSUE 4? The OMI Protected Global Equity Absolute Return Fund, Issue 4 (the Fund) is a fund that aims to provide your clients with peace of mind by protecting their initial investment into the Fund and offering a return linked to the growth of the Underlying Fund, which is the Old Mutual Global Equity Absolute Return Fund. RETURN The return of the Fund is linked to the Old Mutual Global Equity Absolute Return Fund. Please see page 8 for detailed information on the Underlying Fund and page 9 for details on how the return is calculated. The Fund invests in a Note issued by Investec Bank plc (the Issuer). This Note has a term of five years. CAPITAL REPAYMENT At maturity, the Fund will repay at least 100% of your client s initial investment provided that the Issuer does not default (i.e. become bankrupt or fail to meet any of its pre-agreed payment obligations). Please see page 6 for more details regarding default and Credit Events. If any one of these events occur, the return paid by the Fund will be less than the initial investment and your client may lose some, or all, of their initial investment. For example, if your client invests USD100,000 into the Fund, at maturity the Fund will repay at least USD100,000; provided the Issuer is not affected by a Credit Event during the five-year term. Page 4 of 15

5 THE FUND IN BRIEF Term Capital Repayment Return* Participation Return at Maturity Five years 100% at Maturity, subject to the Issuer not being affected by a Credit Event before Maturity. In case of a Credit Event, your client may lose some, or all, of their initial investment. The Return* of the Fund is the growth of the Underlying Fund, multiplied by the Participation, and is subject to tax. Please see page 9 for examples of how the Return* is calculated. The Participation will be between 120% and 150%. The Return* is calculated by multiplying the average performance of the Underlying Fund during the last year of the Fund s term by a fi xed percentage. This fi xed percentage is called the Participation. The Participation used in this Fund will be set on the Start Date and will be no less than 120% and no more than 150%. The level of Participation is subject to the market conditions on the Start Date. The Return at Maturity is the total of the Capital Repayment and the Return*, and is subject to tax. The Return at Maturity is subject to the credit risk of the Issuer. If the Issuer is not affected by a Credit Event during the term of the Fund, at maturity your client will receive 100% of their initial investment in the Fund plus the Return*. If the Return* is negative, and the Issuer is not affected by a Credit Event during the term of the Fund, your client will receive 100% of their initial investment in the Fund. If the Issuer is affected by a Credit Event during the term, your client will receive less than their initial investment in the Fund, meaning they can lose some, or all, of their initial investment. Credit Event Issuer A Credit Event is an event such as bankruptcy or failure to pay. Please see page 6 for more details. Investec Bank plc Open for investment 8 August 2017 Closed for investment 22 September 2017, subject to early closure. Your client s application may not be successful if the Fund is oversubscribed. Start Date 6 October 2017 Final Valuation Date 6 October 2022 Valuation Dates (averaging dates) Maturity Date Starting Level Currency Minimum Investment Amount Underlying Fund Monthly, starting on 6 October October 2022 Final Valuation Date 13 October 2022 When the Note matures, the Fund will terminate and your client will receive the Return at Maturity. Starting Level of the Underlying Fund is the offi cial closing level of the Underlying Fund on the Start Date. If your client wants to know what the Starting Level is, it will be available on the Fund factsheets. The currency of the Fund will be denominated in USD. USD5,000 (subject to the minimum contribution requirements of the Investment Portfolio+) Old Mutual Global Equity Absolute Return Fund Fund Identifier Charges apply to the Investment Portfolio+ and these, as well as tax, will reduce the overall level of all returns on the investment. Please ensure that you and your client have read the Investment Portfolio+ Key Features Document and the General Conditions. * The Return is a gross return and subject to tax. Page 5 of 15

6 WHAT DOES THE OMI PROTECTED GLOBAL EQUITY ABSOLUTE RETURN FUND, ISSUE 4, INVEST IN? The Fund invests in a Note. This Note is a type of investment product which repays 100% of the invested capital at maturity. The Fund will be exposed to the credit risk of the Issuer of the Note. In the event that the Issuer is affected by a Credit Event during the term of the Fund, your client could lose some or all of their money. The Return* is a gross return and subject to tax. At maturity, the Return* is subject to the growth of the Underlying Fund to which the Note is linked. At the end of the term, the Note will pay out the initial investment plus any positive growth of the Underlying Fund multiplied by the Participation. Please see page 9 for details on how the returns are calculated. WHAT IS A CREDIT EVENT? A Credit Event is an event which may lead your client to lose all or some of the money they have invested. A Credit Event may happen to the Issuer. The Credit Events applicable to the Note that the Fund invests in are bankruptcy and failure to pay. BANKRUPTCY Any administrative document, statement, action or decision confirming that the company can no longer honour its commitments (has become insolvent, is unable to pay its debts on time, etc.) or any meeting by the competent bodies with a view to voting on a resolution concerning the dissolution (except through a merger), liquidation or filing for bankruptcy of the company. FAILURE TO PAY The failure by the company to promptly pay interest or capital when due, after any period of grace that may be applicable or is deemed to apply, for any amount higher than or equal to the payment default threshold (USD1,000,000 or currency equivalent). If you want to read the complete definition of all Credit Events, please visit the ISDA (International Swaps and Derivatives Association) website: It is important to note that your client will be exposed to the risk of a Credit Event occurring in respect of the Issuer. Should a Credit Event occur with the Issuer, the Fund may be terminated and your client may lose some or all of their investment. It is also important to note that they will not benefit from any policyholder protection/compensation schemes. In the event that Old Mutual Isle of Man Branch ceases trading during the term of the Fund (and a Credit Event has not occurred with the Issuer), the Fund may be terminated and the value will depend on the market price offered by the Issuer on that day. It will not reflect the full value of any performance up to that point as this only applies on maturity. This means your client could lose some or all of their money. Old Mutual Isle of Man Branch is not a member of the Isle of Man Policyholders Compensation Scheme. Page 6 of 15

7 WHO IS INVESTEC BANK PLC? ABOUT INVESTEC BANK PLC Investec Bank plc is a wholly owned subsidary of Investec plc and is an international specialist bank and asset manager that provides a diverse range of financial products and services to a niche client base in three principal markets, the UK and Europe, South Africa and Asia/Australia, as well as certain other countries. The group was established in 1974 and currently has approximately 9,000 employees. Investec Bank plc focuses on delivering distinctive profitable solutions for its clients in three core areas of activity; Asset Management, Wealth & Investment and Specialist Banking. Since its inception in October 2002, Investec Structured Products, an operating unit of Investec Corporate & Institutional Banking in Investec Bank plc, has grown to be the market leader amongst retail investors, in the UK, Ireland and South Africa. Investec Bank plc provides solutions across all asset classes to Financial Advisers, Private Banks, Discretionary Managers and Institutional Clients. The group has written over USD10bn of structured products since inception. IS INVESTEC BANK PLC FINANCIALLY STRONG? Investec Bank plc has a credit rating of A2 with a stable outlook as rated by Moody s. This means that Moody s is of the opinion that Investec Bank plc is subject to low credit risk and is considered to be upper-medium grade. Source: Investec Bank plc, April Page 7 of 15

8 WHAT IS THE UNDERLYING FUND? The Underlying Fund is the Old Mutual Global Equity Absolute Return Fund. The Underlying Fund is managed by Ian Heslop (Head of Team), Amadeo Alentorn and Mike Servent, supported by three Analysts, Yuangao Liu, Matus Mrazik and Nick Beglitis and Investment Director, Justin Wells. The fund managers have been working together at Old Mutual for over 10 years and their exclusive focus is managing equity strategies. INVESTMENT OBJECTIVE AND APPROACH The objective of the fund is capital appreciation while closely controlling risk. The fund aims to deliver absolute returns over rolling 12-month periods that have a low correlation with equity and bond markets, through a market neutral portfolio of global equity stocks. The fund has an annualised volatility limit of 6%. The team s approach is to rigorously assess companies against criteria including stock price valuation, balancesheet quality, growth characteristics, effi cient use of capital, analyst sentiment, and supportive market trends. The team builds a diversifi ed portfolio of stocks that is expected to outperform in the current macroeconomic environment, while applying stringent risk-management techniques, carefully controlling turnover and trading costs, and maintaining strict limits on sector and stock positions. SOUND PERFORMANCE The Old Mutual Global Equity Absolute Return Fund (A Class, EUR, Hedged, Accumulation) share class was launched on 24 November The fund has an annualised performance of 5.56% since launch with a very low volatility of 4.33% since launch. The fund has almost no correlation to the MSCI World Equity Index or JP Morgan Global Bond Index, which means that the returns do not move in tandem with the returns of the MSCI World Equity Index and JP Morgan Global Bond Index. This makes the Old Mutual Global Equity Absolute Return Fund a good diversifi er in any portfolio. Past performance is not an indicator of future performance and performance can go down as well up. PERFORMANCE OF THE OLD MUTUAL GLOBAL EQUITY ABSOLUTE RETURN FUND FROM 28 NOVEMBER 2011 TO 21 JULY % 35% 30% PERFORMANCE 25% 20% 15% 10% 5 % 0-5 % -10 % 28/11/11 28/02/12 28/05/12 28/08/12 28/11/12 28/02/13 31/05/13 31/08/13 30/11/13 28/02/14 31/05/14 31/08/14 30/11/14 28/02/15 31/05/15 31/08/15 30/11/15 29/02/16 31/05/16 31/08/16 30/11/16 28/02/17 21/07/17 Source: Bloomberg, July 2017 Page 8 of 15

9 HOW ARE THE RETURNS CALCULATED FOR THE OMI PROTECTED GLOBAL EQUITY ABSOLUTE RETURN FUND ISSUE 4? The growth is calculated by taking the arithmetic average of the offi cial closing levels of the Underlying Fund in respect of each of the 13 Valuation Dates in the last year of the Fund s term. Please see the Valuation Dates below: VALUATION DATES: 1-6 October May November June December July January August February September March October April 2022 At maturity, if the growth is positive, it is multiplied by the Participation to provide the fi nal Return at Maturity. Using an average can help provide a level of protection against signifi cant market movement on any single day as well as shielding the potential return from major adverse market movements close to maturity of the Fund. However, it can also mean that if the market movements are favourable in the fi nal days prior to the Final Valuation Date, the Return* of the Fund may increase by a lesser amount than the Underlying Fund due to averaging. The Investment Portfolio+ is a capital redemption plan that is issued by Old Mutual Isle of Man Branch, which is a branch of Old Mutual Life Assurance Company (South Africa) Limited, and is subject to the South African fi ve funds tax regime. The OMI Protected Global Equity Absolute Return Fund, Issue 4, is a roll up fund, therefore Capital Gains Tax will apply and is payable within the Fund. The table below provides examples of different potential outcomes assuming 120% participation. Please note: the fi gures shown here are not based on past performance, nor are they an indicator of potential investment performance they are only intended to illustrate how the growth is calculated and what the possible return could be in specifi c scenarios. Valuation date Positive Scenario Neutral Scenario Negative Scenario Initial level Final Valuation Date Fund Average The growth 49.69% 27.69% % Return* at Maturity % % % Please note, in the event that Investec Bank plc is affected by a Credit Event, your client could lose all of their investment or receive back less than they invested, and no return will be paid. Please note that the Return* discussed in this section may be reduced by any outstanding amount in your client s Transaction Account as well as tax. Please see How can your client invest in the Fund? on page 11 for further information. * The Return is a gross return and subject to tax. Page 9 of 15

10 IS THE FUND RIGHT FOR YOUR CLIENT? Before making the decision to invest in this or any other fund, you should discuss your client s investment needs and goals and ensure you and your client have read all relevant literature. Together with your client, you will be able to assess the suitability of this and any other investments and you will be able to answer any questions your client may have about the Fund and the risks involved. An investment in the Fund may expose investors to different risks from those normally associated with investment in traditional asset class funds. Please see a summary of risk factors on page 13. An investment in the Fund is only suitable for investors who are able and willing to accept the risks associated with it, including a potential loss of capital if the Issuer is subject to a Credit Event during the term of the Fund. We believe that decisions about your client s financial future are so important that they should always seek professional financial advice. THE FUND MAY BE SUITABLE FOR YOUR CLIENT IF: THE FUND MAY NOT BE SUITABLE FOR YOUR CLIENT IF: They are looking for investment with performance opportunities linked to an equity absolute return fund. They wish to reduce the impact of market volatility. They wish to reduce the impact of negative returns of the equity markets. They do not need access to this part of their portfolio before the end of the five-year term. They have a minimum of USD5,000 to invest into the Fund (subject to the minimum contribution requirements of the Investment Portfolio+). They cannot risk locking their investment in for five years. They do not want to take on the credit risk of the Issuer. This is their only investment, rather than a part of an investment portfolio. They wish to invest in a currency other than USD and do not wish to get exposure to USD foreign exchange risk. They are comfortable with the risks involved with the Fund. They have a diversified portfolio of investments and this is not their sole investment. They understand how protected funds work. Page 10 of 15

11 HOW CAN YOUR CLIENT INVEST IN THE FUND? Your client can only access the Fund through an Investment Portfolio+ contract and through a financial adviser, as we believe it s important that clients receive professional advice from a suitably qualified individual or firm. Please read this Fund brochure in conjunction with the relevant Investment Portfolio+ Key Features Document and General Conditions, as this will provide information on the benefits and rights applicable to the investment. If you and your client decide the Fund is suitable, the application for the Investment Portfolio+ contract or the instruction to purchase the Fund within your client s existing Investment Portfolio+ contract, must be submitted to Old Mutual Isle of Man Branch by 22 September Once we have received your client s contribution, it will be invested directly into the Fund. During this time your client s holding will obtain a price of USD1.00 until the Start Date when the Fund will begin regular pricing. Please refer to the cancellation rights in the Investment Portfolio+ General Conditions. At maturity of the Fund, the original investment plus the Return* will be switched into the Investment Portfolio+ Transaction Account, from where it will be available for further investment. Please note that the Return* may be taxable. Charges apply to the Investment Portfolio+ contract and these will reduce the overall level of returns on the investment. The Fund pays 3% of your client s initial investment into the Transaction Account. This amount is used to fund the Investment Portfolio+ charges as well as the Investment Portfolio+ adviser fees. Adviser fees/commission allowed is different for new business applications or if your client is switching into the Fund from within their existing Investment Portfolio+ contract. New Business: If this is a new Investment Portfolio+ contract and you select to take initial commission, this commission amount will be deducted from the 3% initial credit in the Transaction Account. If the Fund is the only fund within the Investment Portfolio+ contract, the Transaction Account may go into overdraft. For example, if VAT is paid on the initial fee, and if the maximum adviser fee (3%) is taken, there will definitely be an overdraft of 0.42% as this amount is equal to the VAT charge amount. If, however, the Fund is one of the funds within the Investment Portfolio+ contract, we will first sell units from those funds to settle the Transaction Account; thereafter the Transaction Account may go into overdraft. If you have selected to receive ongoing fees, the same will apply. If, on application, your client chooses to allocate 100% of their contribution to the Fund, there are no ongoing fees payable. If your client selects Option 1 as explained in the Investment Portfolio+ Application Form, you may wish to increase the allocation rate by waiving commission. This may lead to more money being invested in the Fund which will create an overdraft in the Transaction Account as the higher value of the Fund (assets) means higher Fund charges. The charges are based on the value of the assets. Switching into the Fund: If your client chooses to switch into the Fund, the 3% payment from the Fund will be transferred into the Transaction Account. The adviser will not be able to take any fees other than those agreed upfront when the client took out the original Investment Portfolio+ contract. If an ongoing fee was agreed upfront, this fee will be taken out of the Transaction Account. As stated above, the Transaction Account may also go into overdraft. Standard product charges will be applied to the Transaction Account until the Maturity of the Fund. Old Mutual Isle of Man Branch will not sell units from the Fund to cover these charges. The 3% can also be used to cover the ongoing charges. The annual management charges could, therefore, lead to a further overdraft on the Transaction Account. However, if your client holds funds other than the Fund, charges will be cleared by selling units from the other funds first. * The Return is a gross return and subject to tax. Page 11 of 15

12 Your client will receive a quarterly valuation for their Investment Portfolio+ contract which will show any build-up of an overdraft, and will also show the total policy value, i.e. the Fund plus charges. At the maturity of the Fund, the Return at Maturity will be credited to the Transaction Account. Where required, some of the Return* may be used to offset the overdraft on the Transaction Account. The Investment Portfolio+ is a capital redemption plan, with a 99-year term and therefore has no lives assured. To ensure that early withdrawal charges do not apply, please ensure that your client nominates a beneficiary/ies. This also means that the plan will transfer to the nominated beneficiary and the plan can continue. After this, the money can be reinvested or withdrawn. Further details on charges can be found in the relevant Investment Portfolio+ Key Features Document and General Conditions. If your client s Investment Portfolio+ contract is not denominated in USD, its value may fall or rise purely as a result of exchange rate fluctuations. WHAT IF MY CLIENT NEEDS TO ACCESS THEIR MONEY DURING THE NEXT FIVE YEARS, OR MY CLIENT WANTS TO INVEST THEIR MONEY IN OTHER FUNDS AVAILABLE THROUGH THE INVESTMENT PORTFOLIO+? Your client can switch all or part of their investment out of the Fund at any time, but the amount switched may be less than the amount originally invested. If they choose to switch their investment from the Fund, the price they receive will depend on the prevailing market price at that point and, while it may reflect some growth, it will not reflect the full value of any performance accrued up to that point. The prevailing market price is determined by Investec Bank plc and may differ materially from the latest valuation. If the Fund is suspended for any reason, Old Mutual Isle of Man Branch may not be able to sell the investment before the end of the five-year investment term. This means that your client may not be able to switch out of, or withdraw the investment from, the Fund when they want to. Any withdrawal from the Investment Portfolio+ contract may be subject to early withdrawal charges. Please see the Investment Portfolio+ Key Features Document and General Conditions for more details on early withdrawal charges. * The Return is a gross return and subject to tax. Page 12 of 15

13 WHAT ARE THE RISKS ASSOCIATED WITH INVESTMENT INTO THE FUND? WITHDRAWAL BEFORE MATURITY OF THE FUND If your client switches their investment out of the Fund before the end of the investment term, the amount switched will not be applicable for capital repayment and may be less than they invested. The value switched will depend on the market price offered by Investec Bank plc on that day. It will not reflect the full value of any performance up to that point as this only applies on maturity. If the Fund is suspended, Old Mutual Isle of Man Branch may not be able to sell the investment before the end of the investment term, meaning your client may not be able to redeem the investment when they want to. The value when switching out of the Fund is determined by Investec Bank plc and may differ materially from the value shown on the latest Investment Portfolio+ valuation statement. INVESTMENT RISKS The value of investments can fall as well as rise. Your client can lose some or all of their investment if the Issuer becomes insolvent or defaults on payment. The charges relating to their Investment Portfolio+ will reduce the overall level of returns. The Fund is denominated in USD. If their Investment Portfolio+ contract is not denominated in USD, the value of the investment may fall and rise as a result of exchange rate fluctuations. CREDIT RISK In the event that the the Issuer is affected by a Credit Event, your client could lose some or all of the money invested. Investor protection/compensation schemes do not cover the investment risk chosen in respect of the Fund. Old Mutual Isle of Man Branch or any Old Mutual Group company will not assume responsibility for the obligations of third parties. In the event that Old Mutual Isle of Man Branch ceases trading during the term of the Fund, the Fund may be terminated and the value will depend on the market price offered by Investec Bank plc on that day. It will not reflect the full value of any performance up to that point as this only applies on maturity. This means your client could lose some or all of their money. The value of the Old Mutual International Investment Portfolio+ contract is linked to the value of funds, bank deposits and assets generally managed by third parties such as banks and fund managers. In the event that the provider of any asset, including bank deposits, fails, compensation will depend on the scheme in place where that provider is registered. Your client should be aware that any compensation arrangements would relate only to Old Mutual Isle of Man Branch s aggregate holdings across all affected policies rather than to individual investors. As a result, your client may not benefit from any scheme. MARKET DISRUPTIONS The calculation of the Return* may be adjusted to take account of market and/or trading disruption. Market disruption for the Fund would mean, for example, a time when the level of the Underlying Fund is not published by the fund provider or the Fund does not issue a price. * The Return is a gross return and subject to tax. Page 13 of 15

14 IMPORTANT DATES AND NUMBERS FOR THE OMI PROTECTED GLOBAL EQUITY ABSOLUTE RETURN FUND, ISSUE 4 Open for investment 8 August 2017 Closed for investment* 22 September 2017 Start Date 6 October 2017 Valuation Dates (averaging dates): Monthly, starting on 6 October October 2022 Final Valuation Date Final Valuation Date 6 October 2022 Maturity Date 13 October 2022 Term Five years Old Mutual Isle of Man Branch s establishment fee Up to 3% of the capital invested Credit to your client s Transaction Account** 3% of the capital invested The Fund Access Fee 0% * The Fund has a maximum capacity and, if the investment into the Fund exceeds this capacity, it will be closed prior to the Closed for investment date, shown in the table above. In case of an early closure of the Fund, if the application or monies are received after the Fund is closed, we will inform you and your client promptly and seek a new investment instruction. Your client can either continue with their Investment Portfolio+ application with an alternative investment instruction or cancel their Investment Portfolio+ application, in which case their contribution will be returned to them. If the subscription to the Fund is low and Old Mutual Isle of Man Branch decides that the launch of the Fund is not in the best interest of the Contract Holders of the Investment Portfolio+, we may decide not to launch the Fund and we will contact you and your client within 14 working days of the Start Date seeking further instructions. Your client can either continue with their Investment Portfolio+ application with an alternative investment instruction or cancel their Investment Portfolio+ application, in which case their contribution will be returned to them. ** Credit to your client s Transaction Account can be used to help cover any other charges. Any potential returns shown in this brochure are net of the Old Mutual Isle of Man Branch s establishment fee. Your client should be aware that Investment Portfolio+ charges will continue to apply in accordance with the relevant Investment Portfolio+ Key Features Document and the General Conditions and will, therefore, reduce any potential returns of the Fund. Page 14 of 15

15 IMPORTANT INFORMATION Neither Investec Bank plc nor any of its affiliates in any way endorse the Fund, its suitability for investors or the promotional material associated with the Fund and do not make any representation or warranty regarding the accuracy, completeness or adequacy of such information and no liability to any party is accepted by Investec Bank plc or any of its affiliates in connection with such information. Please ensure that you read this brochure carefully for a complete description of the Fund and the Note. Neither Old Mutual Isle of Man Branch nor Investec Bank plc offer investment advice or make any recommendations regarding investments. Please speak to your client about the Fund and the Old Mutual International Investment Portfolio+. Please make your client aware that you may receive a payment if you agree that the Fund is suitable and they choose to invest into the Fund. This brochure is issued by Old Mutual Isle of Man Branch. INTERNATIONAL Old Mutual Isle of Man, Branch of Old Mutual Life Assurance Company (South Africa) Limited, is registered in the Isle of Man under number F and whose principal place of business is King Edward Bay House, King Edward Road, Onchan, Isle of Man, IM99 1NU, British Isles. Phone: +44 (0) Fax: +44 (0) Licensed by the Isle of Man Financial Services Authority. Old Mutual Life Assurance Company (South Africa) Limited is incorporated in South Africa (reg. number: 1999/04643/06). Registered office: Mutualpark, Jan Smuts Drive, Pinelands, Cape Town, South Africa. Old Mutual Life Assurance Company (South Africa) Limited is a registered long-term insurer and a licensed financial services provider. OMISA/7578/ August 2017 Page 15 of 15