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'Premier Low Risk Fund'
Internal Administrator
Posted: Friday, August 12, 2011
Joined: 10/12/2010
Posts: 5780

Posted: 7/5/2003 11:51:47 PM

By: err

Anyone know anything about this ?

Posted: Friday, August 12, 2011

Posted: 7/7/2003 10:39:47 AM

By: Mark

abacusiom belongs to same ppl as plrf.

Posted: Friday, August 12, 2011

Posted: 7/7/2003 6:37:23 AM

By: To Mark - Clerical Medical group £1B


Where did you get your 2B of assets from?

This Press release is from their website. It refers to £1 billion-plus in assets, with premium income of £700 million plus in the Clerical Medical group and not the 'Premier Low Risk Fund'.

Richardson forsakes garden for business

Mike Richardson, one of the most widely recognised names in the international insurance industry has re-emerged after more than two years of ‘gardening duty’.

After 18 years with Clerical Medical in the UK, in 1986 he was given the challenge of taking the group offshore. He set up the international operation from scratch, to having £1 billion-plus in assets, with premium income of £700 million plus. During his 10 years with CMI, Mr Richardson held the post of chief executive and latterly chairman of the international operation.

In 1996 a new challenge beckoned and Mr Richardson moved on to become chief executive of Scottish Life International.
Once again he built the company up to be a leading player in the international insurance market.

Since then he has been on ‘gardening duty’, but he is now back with the launch of the Premier Low Risk Fund plc.

PLRF is a recently launched Isle of Man fund designed to achieve growth in excess of bank and building society deposits without the volatility normally associated with equity related investments. It is therefore an ideal investment for the cautious investor.

Growth is achieved through a blend of low-risk assets giving clients worthwhile returns within a secure investment environment. The following returns over a five year period (net of all charges) are expected but not guaranteed – sterling 10%, US dollars 8%, and euros 8%.

Underlying assets include endowment policies that have built in guarantees represented by the basic sum assured and accumulated revisionary bonuses. Provided premiums are maintained, these capital guarantees cannot be reduced or taken away. All assets are of a low-risk nature and may include ground rents, with profit bonds, and zero coupon bonds.

A number of major life insurance companies have already given the fund approval to be used within portfolio bonds.

Mr Richardson commented: ‘Given the economic climate of decreasing interest rates, coupled with the volatility of equity markets for the past year or so, we felt that there was a gap in the market for a product such as PLRF, which primarily seeks to outperform bank and building society deposits’.
To ensure greater appeal, the fund offers denomination in the three major currencies. A hedge has been put in place at the outset to negate currency fluctuations. The fund also tempts investors with no front-end charges, and a low annual management fee of only 1.075%.

Mr Richardson added: ‘While designing the product the team were always mindful of the need to expand and maximise the sales opportunities for intermediaries, bearing in mind today’s market conditions.

Isle of Man Examiner 8th May 2001


Press Releases at:

Paul Renner

Posted: Friday, August 12, 2011

Posted: 7/6/2003 11:55:22 AM

By: renatus

you are totally wrong, mark:

the funds holds all his assets in melchies, the highly reputable currency of the dominion of melchizedek (check yourself on before you apply for becoming an ambassador, minister... or anything else within this obscure part-time under water jurisdiction

please check the facts before posting

take care


Posted: Friday, August 12, 2011

Posted: 7/6/2003 10:47:58 AM

By: Mike Richardson, Gough, Lee Portnoi

Some names of people apparently associated with fund.

The Return of the Native
CV: Name: Mike Richardson
Home: Isle of Man
Education: Rutlish Grammar School
University of Bangor (Applied maths 2:1)
Career: Clerical Medical (launched Clerical Medical International); Scottish Life (chief executive Scottish Life International)
Director Premier Low Risk Fund plc

OB: Why have you chosen now to return to the marketplace?
MR: Put simply. My period of gardening leave has ended.

OB: Why did you come back with this type of product?
MR: There are lots of products that are basically unsuitable being sold worldwide and that don’t give anybody brokers or clients- a good deal. And the literature to promote them is diabolical totally misleading.
I have watched with horror and thought it was about time to launch a good honest fund.

OB: Why is it different?
MR: It’s founded on old-fashioned values.
There have been funds like Oracle and Evergreen and they are not good for anybody brokers are misled and everybody gets bad value.
The Premier Low Risk Fund has experienced board members, including Richard Gough, ex chief executive of Royal Life International, and Lee Portnoi, managing director of Absolute Assigned Policies.
People should look at the board of directors and look at their pedigree before committing clients’ money to their funds.

OB: You have chosen to domicile it on the Isle of Man. Is that simply because you live there?
MR: This Island was chosen for its high degree of regulation.
You have to go through hoops before setting up here, which gives a degree of confidence in the product.

OB: How do you think CMI has developed over the past few years?
MR: It’s looking very good, CMI is a superb company.
The takeover by the Halifax seems to have given it the capital that it needs.

OB: And Scottish Life International?
MR: It’s a bit early to say.
Scottish Life’s done the deal with Royal London and it’s got the capital base and therefore should do well.
But I’m not sure how good a fit the two companies are.

OB: What depresses you most about the state of the market today?
MR: What worries me is the gearing of funds. There is a lot of external and internal gearing and people don’t know what they are buying.
Somehow the industry has got to step on the people selling these funds.

OB: What about providers that deal in these funds?
MR: Different companies have different standards. I’m aware of companies that have accepted money from people that they know have defrauded others.

OB: What about the standard of brokers?
MR: You have always got the bad eggs.
You know the bad ones they are never in the same place for five minutes.
But 95% of the people that I deal with are fine.

OB: Finally, what advice would you give to anyone operating in the world of offshore business?
MR: Offer good value. See people in two years’ time and make sure that they will talk to you.
I have a reputation for building long-term relationships and want to keep that.

Offshore Business May 2001

Posted: Friday, August 12, 2011

Posted: 7/6/2003 10:02:00 AM

By: Mark

The assets owned by structures we administer fall broadly into four categories; cash, quoted and unquoted securities, and real property and the value of these assets currently exceeds £2 billion.

2B in assets and they forgot to list their address, phone, fax number and email address on website.

2B of turkish lira, which should be less then 10,000USD

Posted: Friday, August 12, 2011

Posted: 1/10/2006 12:43:25 PM

By: Steve Diaz

Dear Sir or Madam,

I am looking into this fund perspective for the next few year i made an investment of 15000euors into it and i am not too sure what the performance would be.
I do not no if you are able to advise me.
Kinds regards,

Steve Diaz

Posted: Friday, August 12, 2011

Posted: 1/14/2004 11:26:40 PM

By: neb

My understanding of this fund PLRF is that they buy 2nd hand endowments at 2nd hand market price then value them in the fund at face value. This is fine until you get net redemptions on the fund, which mean that they have to offload assets at the 2nd price - a significant mark down to the price they have been valuing it in the fund. Ok if you are first out but not very attractive for those left in the fund. What other fund prices underlying assets at a value that cannot be realised on the open market? Is it legal?? I also think you will find if you dig deeper enough that the 2nd hand policies are bought through a "market maker" which just happens to have common directors to the fund. I wonder which level the profits are taken - at the fund for the good of investors or when resold to the fund by the MM for the benefit of the same directors? Anybody know more or to the contrary?

As for Old Provincial - I think they just found a successful US bond fund, then set up a feeder fund with 3% pa extra charging and US$60,000 of fixed costs. They added no value as far as I can see - just charges for "promoting" and of course with that extra layer of charging it will never achieve the performance of the underlying fund - on which it is being marketed.

Regarding Imperial, there was plenty of 'evidence' to suggest ICL was a scam back in early 2000 and I am sure Britex must have been aware of this if they did due diligence as claimed. Why then did they keep selling it for some time after this when the concerns were already well aired?

Just personal views - DYOR

Posted: Friday, August 12, 2011

Posted: 7/7/2003 6:16:37 PM

By: Ol' Hap

I see Old Provincial Global Securities on the Abacus fund list. Old Provincial is run by former Britex directors Michael Dunlavy and Mark Reed, no?

If Premier Low Risk Fund is also on this list, then what's up with Abacus?


Posted: Friday, August 12, 2011

Posted: 7/7/2003 6:02:25 PM

By: AFSL Manager for these schemes


Abacus Financial Services Limited

Abacus Financial Services Limited ("AFSL") is licensed by the Isle of Man Financial Supervision Commission to conduct investment business. Its primary function is to act as administrator or manager to collective investment schemes.

AFSL is Manager to the following schemes (Experienced Investor Funds):

Abico Fund Plc
The Protected Asset TEP Fund Plc
The SG Life TEP Fund
The Premier Low Risk Fund Plc,
The Old Provincial Low Risk Fund Plc
The Old Provincial Global Securities Fund Plc
The Premier Diversified Property Fund
The MoneyPenny Mediterranean Property Fund PLC

and is Manager to the following International Collective Investment Scheme:

Abico Cash Plc


Go to the weblink above and you can click on the appropriate fund to read more.

Paul Renner

Posted: Friday, August 12, 2011

Posted: 7/7/2003 5:56:52 PM

By: History of Abacus, IOM

Thanks Mark


History: Abacus

The business that is now Abacus in the Isle of Man began as a firm of Chartered Accountants 24 years ago.

Abacus was incorporated by the partners of Coopers & Lybrand, Isle of Man to provide the trust, company administration and international tax planning services formerly provided by Coopers & Lybrand, and Abacus commenced carrying on that business in April 1996. There are now over 70 people working under the Abacus banner in the Isle of Man.

Abacus was a member of Coopers & Lybrand International but did not participate in the PricewaterhouseCoopers merger due to US Securities and Exchange Commission independence issues. Abacus does however continue to work closely with PricewaterhouseCoopers the latter having offices in over 150 countries and employing 150,000 professional people worldwide.

Abacus Trust Company Limited
Sixty Circular Road
Isle of Man

Telephone: [44] (0) 1624 689600
Facsimile: [44] (0) 1624 689601


Paul Renner


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