Banque Privée 1818 and CNP Assurances have launched Sélection Cinto, a new life insurance product (endowment contract) for the wealth management market developed by Natixis’s subsidiaries CNP Assurances and Banque Privée 1818 in partnership with Quality Insurance Services (QIS). The product will be distributed by Banque Privée 1818, the Sélection 1818 team and the BPCE Group’s life insurance teams.
The product is being targeted at high-net-worth investors with a minimum €250,000 to invest who want to optimise their investment strategy and diversify their portfolio. Sélection Cinto combines features of a traditional savings product with the diversification power of a regularly updated range of unit-linked funds that can be invested in structured notes, mutual funds, stocks and shares, and dedicated property funds.
“This product can invest in unit-linked funds consisting of structured products. However, not all types of structured products can be included in the unit-linked formula because structured products are only eligible for inclusion if they have been approved by CNP Assurances,” said a CNP spokesperson.
George-Eric de la Brunière (pictured), Banque Privée 1818’s chief executive, said that the product is part of Banque Privée 1818’s expansion of its wealth management offer for private banking customers, while Laurent Jumelle, director of the wealth management department at CNP Assurances said the product is aimed at helping investors to build capital for their retirement or to diversify their savings.
Sélection Cinto also offers a choice of management approaches, including customer-led, guided customer-led (available only to direct customers of Banque Privée 1818), discretionary and manager-guided. For additional flexibility, investors are not limited to one management approach per contract.
Investors can also choose between four no-fee automatic transaction options (gradual scale-up, capital gain lock-in, relative stop loss and regular asset-allocation rebalancing) and four capital guarantees whatever the selected management approach to protect the capital that will be passed on to the policy’s beneficiaries.
“CNP Assurances doesn’t exclude the possibility of including zero coupon bonds in certain unit-linked funds, and traditional savings products can also include zero coupon bonds,” said the spokesperson.
A more tax-efficient (contrat de capitalisation) version of Sélection Cinto is also available, which can be included in a tax-advantaged PEA personal equity plan invested in large or mid cap stocks or in SMEs.
Back-office processes are managed by QIS, a third-party life insurance administrator.
CNP Assurances has marketed 15 life insurance structured products in France since 2003, of which nine are still live products, according to SRP. CNP Assurances also launched its first two open –ended products, Protect 80 Fund and Sélection Protection 85 in March 2014. These constant proportion portfolio insurance products (CPPI) where hedged by Natixis.
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