Singapore has allowed the direct marketing of offshore funds for over a year now, although only late last year did it expand this to money from the Central Provident Fund scheme. Now AIG is to distribute what is claimed to be the first offshore fund recognized for public distribution under Singapore's Securities and Futures Act.
Although AIG will sell the fund under its own name as the AIG Yield Enhancement Fund and via its own distribution network, including banks such as Maybank and Standard Chartered, it is actually a creation of Deutsche Bank and comes from its Xavex line of Luxembourg-listed SICAV funds, says Vinod Aachi, head of Deutsche's relative value group in...
