Delivery of leading QROPS product with Prudential

RNS Number : 5969G

STM Group PLC

16 May 2011

 



Press Release

16 May 2011

STM Group Plc

("STM" or the "Company")

Delivery of market leading QROPS product with Prudential

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."

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For further information, please contact:

STM Group Plc
Colin Porter, Chief Executive Officer [e-mail]	Tel: [phone] www.stmgroupplc.com
Alan Kentish, Chief Financial Officer [e-mail]	Tel: [phone]

Evolution Securities	Tel: [phone]
Jeremy Ellis / Chris Clarke	www.evosecurities.com

FinnCap	Tel: [phone]
Marc Young / Simon Starr	www.finncap.com

Media enquiries:

Abchurch
Henry Harrison-Topham / Mark Dixon	Tel: [phone]
[e-mail]	www.abchurch-group.com

Notes to editors:

STM is an international financial services group which is listed on the AIM Market of the London Stock Exchange and made its first acquisition in 2007. The Group specialises in estate and succession planning and wealth structuring for high net worth individuals and their families.  STM's clients include entrepreneurs, celebrities, sports stars and affluent retirees.

STM's strategy is to grow organically and by acquisition, in particular looking for businesses and jurisdictions which provide a complimentary offering to the Group. Today, STM has operations in Gibraltar, Spain, Jersey, Switzerland and Malta. The Group is also looking to expand through the development of additional products and services that its ever more sophisticated clients demand.

In order to achieve this, STM has, for example, incorporated a Gibraltar Life Insurance Company, STM Life plc, which provides life insurance bonds - wrappers in which a variety of investments - including investment funds - can be held. STM has developed a specialist international pensions division which specialises in QROPS, QNUPS and EFRBS. The growth in Jersey, through the acquisition of Zenith, has coincided with the introduction of the Jersey Foundation legislation which has resulted in a growing number of enquiries and resultant business.

Further information on STM Group can be found at www.stmgroupplc.com

 

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