Bringing you live news and features since 2006 

Magna Life Settlement Fund returns 17.6 per cent

RELATED TOPICS​

The Magna Life Settlement Fund returned 17.6 per cent in its first 12 months, according to Chartwell Asset Management.

The Magna Life Settlement Fund returned 17.6 per cent in its first 12 months, according to Chartwell Asset Management.

Chartwell says this is the highest 12 month performance ending 30 June 2009 among high yield fixed income funds in Canada.

"The Magna Life Settlement Fund is the first mutual fund in Canada dedicated to investing in this unique investment category," says David Nelson, vice president and chief operating officer for Chartwell Asset Management, the fund’s investment manager.

Senior life settlements provide significant portfolio diversification as they have zero correlation to stock and bond markets.

The investment objective of the fund is to deliver consistent, long-term income by investing in and actively managing a portfolio of senior life settlements issued by life insurance companies in the US scoring at least an A rating with A.M. Best or an equivalent or higher rating. The fund fully hedges the US dollar exposure.

Senior life settlements are transactions involving the purchase of (a) a non-contestable life insurance policy from an elderly insured whose life expectancy can be reasonably projected using standard actuarial models, and (b) the establishment and management of appropriate reserves for payment of premiums over the remaining term of the such acquired policy.

The life settlement industry in the US has grown to an estimated USD15-20bn per year in transactions, making it similar in size to the whole Canadian commercial real estate market.

The investment strategy has attracted institutional investors including Berkshire Hathaway, Deutsche Bank, EFG, Scottish Life and the Royal Bank of Scotland.

Latest News

REX Shares has announced a strategic reorganisation that integrates its REX Shares, MicroSectors, and T-REX products, as well as REX..
Allspring Global Investments writes that as it builds an investment platform for the future, it has filed for exemptive relief..
LSEG Lipper writes that ETF promoters in Europe enjoyed estimated net inflows (+EUR25.1 billion) for May 2024...
The European Fund and Asset Management Association (EFAMA) has published its 2024 industry Fact Book, which includes a foreword by..

Related Articles

Marcus Wayerer, Franklin Templeton
Franklin Templeton says that emerging markets are navigating a tricky environment at the moment, due to factors such as the...
Matt Barry, Touchstone Investments
Back in 2022, Cincinnati, Ohio-based Touchstone Investments launched its first four ETFs, having previously been predominantly a mutual fund company....
CN Tower, Toronto
The winners were announced in the second ETF Express Canadian awards at the event held at The Quay in Toronto,...
Darren Jordan, Komainu
Custody specialist, Komainu, was launched in 2018 as a joint venture between Nomura, digital-asset investment manager, CoinShares and blockchain business,...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by