SINGAPORE, Oct. 17, 2011 /PRNewswire-Asia/ -- As a volatile global
economy continues to create uncertainty for investors, fund
managers are becoming increasingly concerned about potential claims
by their clients of mismanagement and negligence, repeating a trend
that emerged in the wake of the global financial
crisis.
To help the large number of Notified Fund Management Companies
("Notified FMCs") in Singapore manage their risk exposures Marsh, a
wholly-owned subsidiary of Marsh & McLennan Companies, today
launched the Investment Management Insurance Scheme. The offering
combines directors' and officers' liability insurance, professional
indemnity insurance and crime insurance into a single customised
package.
"Singapore has been tipped to overtake Switzerland as the world's
top wealth management centre within the next two years, as the
city-state benefits from growth in neighbouring emerging markets, a
supportive regulator and a stable political climate," said Gary
Chua, Marsh's Financial and Professional Risks Practice Leader for
ASEAN.
"Risk management is a critical factor for investors when deciding
who to entrust with their capital. In fact, institutional investors
often require the fund managers they engage with to have
Professional Indemnity insurance."
As part of the Capital Market Services (CMS) licensing
requirements, representatives may be required to purchase
professional indemnity insurance. However, this requirement does
not apply to Notified FMCs, or those fund managers with up to 30
qualified investors or less than S$250 million in Assets Under
Management.
"All fund managers, regardless of license status, size or type, are
equally exposed to the risk of investor lawsuits or regulatory
action. The Investment Management Insurance Scheme will help this
important segment of the Singapore financial services sector to
manage its risk more effectively," said Mr Chua.
About the Investment Management Insurance Scheme
The Investment Management Insurance Scheme is underwritten by ACE
Insurance (Singapore) Pte Ltd and is customised for Notified Fund
Management Companies in Singapore.
The Investment Management Insurance Scheme is designed for fund
managers who have:
-- Assets under management of less than S$250 million,
or
-- Up to 30 qualified investors, or
-- Manage less than 15 funds
The Investment Management Insurance Scheme offers the following
insurance coverage highlights:
-- Directors' & Officers' Liability Insurance (D&O):
protecting
individuals for specific management and personal
liabilities
-- Professional Indemnity Insurance (PI): covering
investment
services offered by investment managers and advisors
-- Crime Insurance: protecting investment managers and funds
from
theft by employees
The Investment Management Insurance Scheme is meant for the
following types of fund managers:
-- Listed Equity
-- Hedge Fund
-- REITs
-- Private Equity
-- Venture Capital
-- Fund of Fund
-- Fund of Hedge Fund
-- Hybrid of any of the above
For More Information
For more information, please visit
www.marsh.com.sg/finpro_scheme.html where fund managers are able to
obtain a no-obligation quote within 48 hours by completing an
online form.
Free Seminar
Marsh is hosting a free breakfast seminar on the issue of
professional liability for fund managers during market volatility
on 28 October 2011. For more information, please contact Neha Mehta
( [email protected] ).
About Marsh
Marsh( http://www.marsh.com ), the world's leading
insurance broker and risk advisor, teams with its clients to
define, design, and deliver innovative industry-specific solutions
that help them protect their future and thrive. It has over 24,000
colleagues who collaborate to provide advice and transactional
capabilities to clients in over 100 countries. Marsh is a member of
Marsh & McLennan Companies( http://www.mmc.com ), a global professional
services firm with 52,000 employees worldwide and annual revenue
exceeding US$10 billion, which is also the parent company of Guy
Carpenter( http://www.guycarp.com ), the risk and
reinsurance specialist; Mercer( http://www.mercer.com ), the provider of HR and
related financial advice and services; and Oliver
Wyman( http://www.oliverwyman.com/ow/index.html ), the
management consultancy. Its stock (ticker symbol: MMC) is listed on
the New York, Chicago and London stock exchanges. Follow Marsh on
Twitter @Marsh_Inc( http://twitter.com/@Marsh_Inc ).
SOURCE: Marsh