UK independent structured product provider and distributor, Meteor Asset Management, has launched a new account to simplify the purchase and portfolio management of structured securities and deposits.
Meteor's Omnium account will provide investors with a range of structured products and deposits, allowing diversification across counterparty, underlying assets and payoff profiles.
"We believe the introduction of Omnium is a natural evolution in the market," said Graham Devile (pictured), managing director at Meteor. "The new account allows investors to select all or part of the services historically available under a plan structure, enabling them to make the relevant cost savings where appropriate. For those who wish to mirror the old plan structure nothing has changed but for those utilising platforms, wraps and stockbrokers, transacting has become clearer and easier."
According to Meteor, investors may select the services they require from the complete service which replicates the existing 'plan' structure, but can also isolate the administration and custody services if desired.
The account also provides a "streamlined" transaction process and has no limit on the number of products which can be held. Additionally, it provides comprehensive online reporting.
Meteor said that the account will help investors to create and monitor a structured product portfolio "tailored to an individual's investment objectives and risk tolerance."
The launch, said Meteor, responds to the need to evolve the structured product market in the new Retail Distribution Review landscape, as providers face the challenge of making the purchase and post-sale organisation of these products more efficient.