Delivery of market leading QROPS product with Prudential
16 May 2011
STM Group PLC (AIM:STM), the cross border financial services provider, is pleased to announce that it has selected Prudential International's ("Prudential") range of funds to offer its 'lite' Qualifying Recognised Overseas Pension Scheme ("QROPS"). This is the first product to offer clients a transfer to a QROPS without entry cost. When coupled with STM's commitment not to charge exit penalties (as with all STM QROPS schemes), this provides a unique offering in a crowded market place.
The Company believes the Prudential funds are the perfect complement to the QROPS market. Previous experience of investing clients' funds with Prudential has provided STM with the confidence to offer a scheme limited solely to their funds. This type of scheme will suit clients with smaller funds or those transferring from an insurance company scheme in the UK.
The STM QROPS-utilising Prudential funds will sit alongside the existing STM QROPS Wrap that will give clients a choice of open architecture and a 'lite' product.
This announcement from STM follows a growing number of QROPS providers reducing their fees for clients looking for a cost-efficient QROPS solution. STM Group has again taken the lead in removing barriers to entry for clients and re-enforcing its position as a leading QROPS provider.
David Erhardt, STM Group Pensions Director, commented: "We are delighted to be working with Prudential and believe the combination of a leading investment manager and leading QROPS provider working together has enabled the launch of a market leading QROPS platform."
Michael Leahy, Managing Director of Prudential International, said: "Prudential's track record in the multi-asset fund area is well recognised. Our leading-with-profits offering will bring a unique dimension to the QROPS marketplace and is ideally suited to the STM client base."
For further information, please contact:
|STM Group PLC|
|Colin Porter, Chief Executive Officer
|Tel: 00 350 200 42686www.stmgroupplc.com|
|Alan Kentish, Chief Financial Officer
|Tel: 00 350 200 78614|
|Evolution Securities||Tel: +44 (0) 20 7071 4300|
|Jeremy Ellis / Chris Clarke||www.evosecurities.com|
|FinnCap||Tel: +44 (0)20 7600 1658|
|Marc Young / Simon Starr||www.finncap.com|
|Henry Harrison-Topham / Mark Dixon||Tel: +44 (0) 20 7398 7702|
Notes to editors:
STM is a multi-jurisdictional financial services group listed on the Alternative Investment Market of the London Stock Exchange. The Group specialises in the delivery of a wide range of financial service products to professional intermediaries and in the administration of assets for international clients in relation to retirement, estate and succession planning, and wealth structuring.
Today, STM has trading operations in Gibraltar, Malta, Jersey, and Spain. It has also recently opened satellite offices in South East Asia, the Middle East, and South Africa. The Group continues to expand through the development of additional products and services that its ever-more sophisticated clients demand.
STM has, for example, a dedicated international pensions division which specialises in Qualifying Recognised Overseas Pension Schemes (QROPS) and Qualifying Non-UK Pension Schemes (QNUPS); it also has a Gibraltar Life Insurance Company, STM Life Assurance PCC PLC, which provides life insurance bonds - wrappers in which a variety of investments, including investment funds, can be held.
Further information on STM Group can be found at www.stmgroupplc.com