details of the royal skandia investment-linked...

details of the Royal Skandia investment-linked funds萊斯基亞投資相連基金詳情

INVESTMENTS

enablin¯ intelli¯ent investment choice

Important information

• The relevant product is an investment-linked assurance scheme (‘ILAS policy’). It is a life assurance policy

issued by Royal Skandia Life Assurance Limited (‘Royal Skandia’). Your investments are subject to the credit

risks of Royal Skandia.

• The contributions you pay towards your ILAS policy, and any investments made by Royal Skandia in the

underlying funds you selected, will become and remain the assets of Royal Skandia. You do not have any rights

or ownership over any of those assets. Your recourse is against Royal Skandia only.

• The contributions you pay, after deduction of any applicable fees and charges of your ILAS policy, will be

invested by Royal Skandia in the underlying funds you selected. Your ILAS policy value will be calculated by

Royal Skandia based on the performance of your selected underlying funds.

• Due to the various fees and charges levied by Royal Skandia on your ILAS policy, the return on your ILAS policy

as a whole may be lower than the return of the underlying funds you selected.

• The investment-linked funds available under the relevant product can have very different features and risk

profiles. Some may be of high risk.

重要資料

• 有關產品是與投資有關的人壽保險計劃（投資壽險保單），壽險保單由Royal Skandia Life Assurance

Limited （「萊斯基亞」）發出。閣下的投資受萊斯基亞的信貸風險所影響。

• 閣下就投資壽險保單支付的供款，以及萊斯基亞對閣下所選相關基金的任何投資，均會成為及一直屬於

萊斯基亞的資產。閣下對任何該等資產均沒有任何權利或擁有權。如追討賠償，閣下只可向萊斯基亞追

索。

• 閣下就投資壽險保單支付的供款，經扣除任何適用費用及收費後，會由萊斯基亞投資於閣下選取的相關

基金。萊斯基亞會根據相關基金的表現計算保單價值。

• 由於萊斯基亞會就投資壽險保單徵收各項費用及收費，投資壽險保單的整體回報或會低於閣下所選相關

基金的回報。

• 有關產品所提供的投資相連基金在產品特點或風險方面或會有很大的差別，部分選項可能涉及高風險。

Explanatory notes

You should be aware that the products offered by Royal Skandia are investment-linked life assurance policies and you

will be investing in the life assurance policy. Royal Skandia offers a range of Royal Skandia investment-linked funds from

which you can select as your investment choice, and these Royal Skandia investment-linked funds in turn invest into

the relevant underlying investments.

Your policy will be allocated units in the Royal Skandia investment-linked funds chosen by you, and the value of your

policy will be linked to the performance of the investment choice you select and hence your investments are subject

to the performance of the underlying investments. However, as you are investing in a life assurance policy and not

investing in the underlying investments, please note that those units are purely notional and you have no legal or

beneficial interest in the Royal Skandia investment-linked funds or the underlying investments.

In line with the above, please note that any phrase “Royal Skandia investment-linked fund” utilized or referred to

throughout this document merely represents an investment choice you can select, which will be used to calculate the

value of your policy. It should not be construed to mean a fund generally structured as a unit trust or mutual fund as

referred to in the usual context.

註釋請注意，由萊斯基亞提供的產品屬於投資相連壽險保單，而　閣下將會投資於壽險保單。萊斯基亞提供一系

列萊斯基亞投資相連基金，　閣下可自行挑選作為　閣下的投資選擇。此等萊斯基亞投資相連基金會投資於

相關基金╱資產。

閣下所挑選的萊斯基亞投資相連基金單位將獲分配於　閣下的保單，而　閣下的保單價值將與　閣下所挑選

之投資選擇的表現相連，故此　閣下的投資將受到相關基金╱資產的表現影響。然而，由於　閣下是投資於

壽險保單，而並非投資於相關基金╱資產，請注意上述獲分配的單位只屬象徵性，　閣下並沒有持有萊斯基

亞投資相連基金或相關基金╱資產的法律及實質利益。

與上文所符，本文件內所使用或所指的任何「萊斯基亞投資相連基金」用語只代表可用作計算　閣下保單價

值的投資選擇，而不應被詮釋為一般所指的單位信託或互惠基金。

contentspremier provider of investment choices introduction 1

lump sum investment 1

re¯ular investment 1

Royal Skandia 1

breadth of investment opportunities 3

your investments 5

ran¯e of investment-linked funds 7

list of investment-linked funds – char¯es 9 & 11

fund mana¯ement ¯roups 13-21

investment-linked fund information currency details 23

specifi c risk 23

other risk warnin¯s 23

unit prices 25

varyin¯ the unit price 25

deferrin¯ transactions 25

termination of a Royal Skandia investment-linked fund 25

the Royal Skandia investment proposition 27

the Royal Skandia MultiMana¯er investment choices

29

MultiMana¯er 31-39

¯lossary of investment terms 41

self select 43-75

further information 75

目錄業界翹楚簡介 2

整付投資 2

定期投資 2

萊斯基亞 2

廣泛的投資機會 4

閣下的投資 6

投資相連基金系列 8

投資相連基金詳情表－收費 10 & 12

基金管理集團 14-22

投資相連基金資料貨幣詳細資料 24

特定風險預告 24

其他風險警告 24

單位價格 26

單位價格變動 26

延遲交易 26

終止萊斯基亞投資相連基金 26

萊斯基亞投資選擇 28

萊斯基亞多元基金經理投資選擇 30

多元基金經理基金 32-40

投資用語詞彙 42

自選基金 44-76

其他資料 76

1

premier provider of investment choices

introductionThis brochure explains the investment choices available to you through Royal Skandia's investment products. You should read it in conjunction with the relevant product brochure, as together these form part of the Principal Brochure.

You can invest in Royal Skandia's investment-linked funds through the following tax-efficient products:

lump sum investment• Managed Capital Account

• Executive Wealthbuilder Account

re¯ular investment• Managed Capital Account

• Managed Pension Account

• Managed Savings Account

• Executive Wealthbuilder Account

Royal SkandiaRoyal Skandia is a company within Skandia International. Skandia International, part of the wealth management business of Old Mutual plc, is the international group of companies which provides the offshore and cross-border investment solutions for the Old Mutual Group.

Originating in South Africa in 1845, the Old Mutual Group has a balanced portfolio of businesses offering asset management, life assurance, banking and general insurance services in 33 countries, primarily in South Africa, Europe, Latin America, Asia and North America. Old Mutual is listed on the London and Johannesburg Stock Exchanges, amongst others.

Being part of Old Mutual makes Skandia International a key division of one of the largest life assurers in Europe, with a strong financial base. The Old Mutual Group has funds under management of £309.3 billion*, serving more than 15 million customers.

We recognise the importance of providing innovative, flexible investment solutions and local support to our customers. Therefore, we opened our branch offices in Hong Kong in 1991 and Singapore in 2008 as our Asia hubs. We have local, dedicated teams with wealth of experience, local market knowledge and international exposure. You can be assured that you are investing with a company that truly understands the needs of international investors.

* As at 31 December 2010, source: Old Mutual

2

簡介本刊物介紹萊斯基亞投資產

品為閣下所提供的投資選

擇，閣下務請與有關產品銷售

刊物一併閱讀。

閣下可透過下列具稅務效益的產

品，投資在萊斯基亞的投資相連

基金：

整付投資• 理財資產計劃

• 靈變儲蓄計劃

定期投資• 理財資產計劃

• 理財退休金計劃

• 理財儲蓄計劃

• 靈變儲蓄計劃

萊斯基亞萊斯基亞是Skandia International其

中一員。Skandia International屬Old

Mutual的財富管理業務之一，是為

Old Mutual集團提供離岸和跨境投

資方案的國際集團公司。

於1845年植根於南非，Old Mutual

於全球33個國家經營業務，主要

包括南非、歐洲、拉丁美洲、亞

洲及北美洲，提供資產管理、壽

險、銀行及一般保險服務。O l d

Mutual於倫敦及約翰內斯堡等證券

交易所上市。

作為O l d M u t u a l的一部分，使

Skandia International成為歐洲最大

的人壽保險公司之一，擁有穩健

的財務基礎。Old Mutual集團管

理資產達3,093億英鎊*，為超過

1,500萬名客戶提供服務。

我們深明提供創新、靈活投資方

案和給予客戶當地支援的重要

性。因此，我們在1991年及2008

年分別在香港和新加坡設立分

支辦事處，作為我們在亞洲的樞

紐。我們擁有地方專責隊伍，具

有豐富經驗、本地市場知識及國

際視野。您可以安心，您的投資

是由一間真正了解國際投資者需

要的公司所管理。

*截至 2010年 12月 31日，資料來源：

Old Mutual

業界翹楚提供投資選擇

3

By following our successful MultiManager approach to investment, you can benefit from the expertise of some of the world's finest fund managers.

Our products provide you a range of investment-linked funds, offering exposure to a wide range of markets, managers and asset types.

Fund managers need to be selected and monitored to ensure they remain at the top of their game, and replaced when they do not.

With this in mind, we offer you a range of leading fund management groups carefully selected based on their expertise and performance.

You can also tailor your investment choices across asset types and geographical sectors.

There are many other advantages of investing with Royal Skandia.

You can:

• benefit from any potential opportunities offered by stock market investment while avoiding the administrative burden of managing a directly held portfolio

• access award-winning investment management expertise and performance

• choose from a wide range of investment-linked funds, some of which may not normally be available to private investors

• switch your investment between the range as your investment objectives change

• access investments which benefit from tax-free growth, except for certain investment income which may be subject to a tax deduction in its country of origin. (Please seek professional advice regarding your own particular tax circumstances)

• reduce personal risk by spreading investments across a larger number of shares owned collectively by the investment-linked fund compared to direct investment

• benefit from reduced costs – share dealing on an individual basis can be costly

• monitor your investments by following the prices in the financial press and on the Internet.

breadth of investment opportunities

4

憑藉我們成功的多元管理投資方

式，閣下可受惠於全球最佳基

金經理的專門知識。

我們為閣下提供一系列投資相

連基金，令閣下可參與廣泛的

投資市場，挑選基金經理及資產

類別。

我們會對基金經理加以篩選及監

察，以確保他們經常維持最佳表

現，否則便予以撤換。

因此，我們為閣下提供的一系

列基金管理公司，均經過精挑細

選，以專業知識及表現著稱。

此外，閣下亦可根據資產類別

及地區，設計出符合個人投資需

要的基金組合。

投資在萊斯基亞，還有很多其他

優勢。

閣下可享有的優勢包括：

• 可從投資股票市場中獲得任何潛

在的機會，同時又避免管理直接

持有的投資組合所承擔的行政費

用。

• 由表現超卓的獲獎投資管理專才

為閣下服務。

• 設有廣泛的投資相連基金組合

供閣下選擇，其中一些基金可

能不開放予私人投資者。

• 如果閣下的投資目標改變，可

隨時轉換投資組合。

• 投資基金選擇免稅，增長獲益更

大。請注意，有些投資收益可能

因其來源國家而需要稅務扣減

（關於個人的稅務事宜，請諮詢

專業意見）。

• 投資分散於相當數量的股票並集

合由投資相連基金持有，跟直接

投資比較可減低個人風險。

• 獲益於減低成本一以散戶方式買

賣股票成本可能很昂貴。

• 根據金融新聞及互聯網所載的價

格監察閣下的投資。

廣泛的投資機會

5

your investments

Through investment in a Royal Skandia product, you can benefit from the knowledge and professionalism of a leading life assurance company, plus the investment expertise of top fund management groups.

You are investing into an investment-linked life assurance policy but not directly into the Royal Skandia investment-linked funds/assets nor the underlying investment.

You can select from the Royal Skandia investment-linked fund range for your policy. The value of benefits payable in a policy is based on the performance of the Royal Skandia investment-linked funds, less any applicable charges.

The Royal Skandia investment-linked funds contained in this document are authorised for marketing in Hong Kong. The authorization by the Securities and Futures Commission is not a recommendation or endorsement of the investment-linked fund nor does it guarantee its commercial merits or performance. It does not mean the investment-linked fund is suitable for all investors nor it is an endorsement of its suitability for any particular investor or class of investors.

Whatever investment-linked funds you choose to invest in, you should be aware that, as a Royal Skandia policyholder, you will not own units in the Royal Skandia investment-linked funds or in the underlying investments. You have no legal or beneficial interest in the Royal Skandia investment-linked funds or underlying investment.

Royal Skandia has established thorough monitoring procedures to ensure that the performance of the Royal Skandia investment-linked funds matches the performance of the relative underlying investments as closely as possible.

However, the performance of the Royal Skandia investment-linked funds will not entirely match that of the underlying investment because of Royal Skandia's charges and Royal Skandia's investment process.

6

閣下的投資

透過具行業領導地位的壽險公司

萊斯基亞的產品，閣下的投資

可受惠於頂尖的基金管理集團的

專業知識。

閣下投資於投資相連壽險保單，

但並非直接投資於萊斯基亞投資

相連基金或相關基金╱資產。

閣下可從萊斯基亞投資相連基金

系列為閣下的保單作出選擇。

保單應付價值是基於萊斯基亞投

資相連基金表現而定，並扣除任

何適用收費。

本文件內的萊斯基亞投資相連基

金獲認可於香港作推廣。證券及

期貨事務監察委員會認可不等如

對該投資相連基金作出推介或認

許，亦不是對該投資相連基金的

商業利弊或表現作出保證，更不

代表該投資相連基金適合所有投

資者，或認許適合任何個別投資

者或任何類別的投資者。

無論閣下選擇投資於哪種基

金，務請注意，作為萊斯基亞的

保單持有人，閣下並不在萊斯

基亞投資相連基金或相關投資上

持有任何單位。閣下並不擁有

萊斯基亞投資相連基金或相關基

金的法律及實際利益。

萊斯基亞建立監察程序，確保萊

斯基亞投資相連基金表現儘量大

致符合相關基金╱資產之表現。

然而，基於萊斯基亞的投資相連

基金收費及萊斯基亞的投資程

序，萊斯基亞基金的表現將不會

與相關基金╱資產符合一致。

7

Royal Skandia offers a comprehensive range of investment-linked funds, designed to meet your specific needs, all of which are available to Royal Skandia policyholders.

The table on pages 9 and 11 sets out the applied charges. These charges are reflected in the price of the units. For details of any other charges which apply to specific Royal Skandia contracts, and which are taken by cancellation of units, please refer to the relevant product brochure.

For Royal Skandia investment-linked funds which are invested 100% into the mutual fund whose manager is referred to within the name, the external Annual Management Charge specified refers to the Annual Management Charge which is applied by the appropriate fund manager. This charge is reflected in the price of the investments which Royal Skandia purchase.

For other Royal Skandia investment-linked funds which may be invested in a range of investments including mutual funds, the external Annual Management Charge specified refers to the typical charge which could be applied by the appropriate fund managers whose investments Royal Skandia purchase. The actual fee may change on a daily basis depending on where the underlying investments are invested.

The table also lists the Annual Management Charge deducted by Royal Skandia, which is also reflected within the pricing.

For details of the underlying funds including their fees and charges, please refer to the respective offering documents of the underlying funds.

Past performance is not necessarily a guide to future performance, and the value of investment-linked insurance policy is not guaranteed as the prices of units may fall as well as rise. Where an investment-linked fund holds investments in another currency, or where the denomination of the product is different to the underlying investment, there may be additional risks because of exchange rate fluctuations.

Investment involves risks. You should always seek the adviceof your financial adviser before making investment decisions.

Depending on the nature of any changes, Royal Skandia will use best endeavours to give you advance notice of between one and three months, or shorter as agreed by the relevant regulator.

ran¯e of investment-linked funds

8

萊斯基亞專為保單持有人提供一

系列全面的投資相連基金選擇，

特別設計以滿足閣下的個人需

要。

在第10和第12頁的一覽表中列出

各項收費。這些收費已反映在單

位價格內。根據個別萊斯基亞合

約，並以取消單位的方式而支付

之其他費用，詳細資料請參閱主

要推銷刊物。

對於100%投資在互惠基金上的萊

斯基亞投資相連基金，相關的基

金經理在名稱中將有提及，註明

的外方管理年費所指的是相關基

金經理所收取的管理年費。這項

費用已反映在萊斯基亞投資相連

基金買入的投資價格內。

其他的萊斯基亞投資相連基金可

能會投資於一系列的投資項目

上，包括互惠基金。對於此類投

資相連基金而言，註明的外方管

理年費是指萊斯基亞計劃買入的

投資，相關基金經理所收取的特

定費用。實際費用可能會每天調

整，視乎所投資的相關基金╱資

產。

表上亦列出萊斯基亞所扣除的管

理年費，此年費亦已反映在價格

中。

有關投資基金的詳情，如收費及

費用等，請參閱相關基金各自的

銷售文件。

基金的過去表現並不一定是未來

表現的指標，由於單位的價格可

升可跌，所以投資相連壽險保單

的價值亦不能予以保證。當投資

相連基金所持的投資以另一種貨

幣計算，或產品的折算與相關投

資有所不同，或會因匯率變動而

需承受額外風險。

投資涉及風險。投資前應先咨詢

理財顧問建議。

萊斯基亞會視乎變動性質，

向閣下發出一至三個月之事先

通知，或在相關監管機構同意下

盡早通知。

投資相連基金系列

9

Royal Skandia Investment-linked Fund Name Sector

External Annual Management Charges

Royal SkandiaAnnual ManagementCharge

MultiManagerRS USD Aggressive Flexible Managed up to 2.50% 1%RS USD Balanced Balanced Managed up to 2.50% 1%RS USD Cautious Cautious Managed up to 2.50% 1%RS GBP Deposit Money 0.00% 1%RS HKD Deposit Money 0.00% 1%RS USD Deposit Money 0.00% 1%RS USD Diversified Managed Flexible Managed up to 2.50% 1%RS USD Global Fixed Interest Blend Global Fixed Interest up to 2.50% 1%RS USD Global Real Estate Securities Property up to 2.50% 1%RS SEK Swedish Equity Europe Excluding UK up to 2.50% 1%RS GBP UK Index Tracker UK All Companies up to 2.50% 1%RS GBP US Index Tracker North America up to 2.50% 1%

self selectRS USD Aberdeen Global Chinese Equity Asia Pacific Excluding Japan 1.75% 1%RS USD Aberdeen Global Technology Specialist 1.75% 1%RS USD AXA World Funds Framlington Health Global Equities 1.75% 1%RS USD Baring China Select Asia Pacific Excluding Japan 1.50% 1%RS USD Baring Eastern Europe Global Emerging Markets 1.50% 1%RS GBP Baring Europe Select Trust Europe Including UK 1.50% 1%RS USD Baring Global Aggregate Bond Global Fixed Interest 0.75% 1%RS GBP Baring Global Emerging Markets Global Emerging Markets 1.50% 1%RS USD Baring Global Emerging Markets Global Emerging Markets 1.50% 1%RS USD Baring Global Resources Commodity and Energy 1.50% 1%RS USD Baring Global Select Global Equities 1.50% 1%RS USD Baring High Yield Bond Global Fixed Interest 1.00% 1%RS USD Baring Hong Kong China Asia Pacific Excluding Japan 1.25% 1%RS GBP Baring Korea Trust Asia Pacific Excluding Japan 1.50% 1%RS EUR BlackRock GF Continental European Flexible Europe Excluding UK 1.50% 1%RS USD BlackRock GF Global Allocation Specialist 1.50% 1%RS USD BlackRock GF India Asia Pacific Excluding Japan 1.50% 1%RS USD BlackRock GF Latin American Global Emerging Markets 1.75% 1%RS USD BlackRock GF New Energy Commodity and Energy 1.75% 1%RS GBP BlackRock GF United Kingdom UK All Companies 1.50% 1%RS USD BlackRock GF US Flexible Equity North America 1.50% 1%RS USD BlackRock GF World Bond Global Fixed Interest 0.85% 1%RS USD BlackRock GF World Energy Commodity and Energy 1.75% 1%RS USD BlackRock GF World Healthscience Global Equities 1.50% 1%RS USD BlackRock GF World Mining Commodity and Energy 1.75% 1%RS USD BNP Paribas L1 Bond Best Selection World Emerging Global Fixed Interest 1.50% 1%RS EUR BNP Paribas L1 Equity World Materials Global Equities 1.50% 1%RS EUR BNP Paribas L1 Equity Russia Global Emerging Markets 1.75% 1%RS EUR BNP Paribas L1 Equity World Utilities Commodity and Energy 1.50% 1%RS USD BNP Paribas L1 Equity World Emerging Global Emerging Markets 1.75% 1%RS USD BNP Paribas L1 Green Future Specialist 1.75% 1%RS USD BNY Mellon Asian Equity Asia Pacific Excluding Japan 2.00% 1%RS USD BNY Mellon Continental European Equity Europe Excluding UK 2.00% 1%RS USD BNY Mellon Global Bond Global Fixed Interest 1.00% 1%RS USD Fidelity Asian Aggressive Asia Pacific Excluding Japan 1.50% 1%RS USD Fidelity China Focus Asia Pacific Excluding Japan 1.50% 1%RS GBP Fidelity Emerging Europe, Middle East and Africa Global Emerging Markets 1.50% 1%RS GBP Fidelity Global Financial Services Global Equities 1.50% 1%RS GBP Fidelity Global Health Care Global Equities 1.50% 1%RS GBP Fidelity Global Industrials Global Equities 1.50% 1%

list of investment-linked funds – char¯es

10

萊斯基亞投資相連基金名稱市場外方管理年費

萊斯基亞管理年費

多元基金經理基金萊斯基亞美元進取基金彈性管理最高 2.50% 1%萊斯基亞美元均衡組合基金均衡管理最高 2.50% 1%萊斯基亞美元審慎基金審慎管理最高 2.50% 1%萊斯基亞英鎊存款基金貨幣 0.00% 1%萊斯基亞港元存款基金貨幣 0.00% 1%萊斯基亞美元存款基金貨幣 0.00% 1%萊斯基亞美元多元化管理基金彈性管理最高 2.50% 1%萊斯基亞美元環球定息精選基金全球定息最高 2.50% 1%萊斯基亞美元環球房地產證券基金物業最高 2.50% 1%萊斯基亞克朗瑞典股票基金歐洲（英國除外）最高 2.50% 1%萊斯基亞英鎊英國指數基金英國所有公司最高 2.50% 1%萊斯基亞英鎊美國指數基金北美最高 2.50% 1%

自選基金萊斯基亞美元安本環球中國股票基金亞太區（日本除外） 1.75% 1%萊斯基亞美元安本環球科技基金專門市場 1.75% 1%萊斯基亞美元安盛環球基金—泛靈頓健康基金全球股票 1.75% 1%萊斯基亞美元霸菱中國精選基金亞太區（日本除外） 1.50% 1%萊斯基亞美元霸菱東歐基金全球新興市場 1.50% 1%萊斯基亞英鎊霸菱歐洲特選基金歐洲（包括英國） 1.50% 1%萊斯基亞美元霸菱全球綜合債券基金全球固定息率 0.75% 1%萊斯基亞英鎊霸菱全球新興市場基金全球新興市場 1.50% 1%萊斯基亞美元霸菱全球新興市場基金全球新興市場 1.50% 1%萊斯基亞美元霸菱環球資源基金商品及能源 1.50% 1%萊斯基亞美元霸菱環球精選基金全球股票 1.50% 1%萊斯基亞美元霸菱高收益債券基金全球固定息率 1.00% 1%萊斯基亞美元霸菱香港中國基金亞太區（日本除外） 1.25% 1%萊斯基亞英鎊霸菱韓國基金亞太區（日本除外） 1.50% 1%萊斯基亞歐元貝萊德全球基金歐陸靈活股票基金歐洲（英國除外） 1.50% 1%萊斯基亞美元貝萊德全球基金環球資產配置基金專門市場 1.50% 1%萊斯基亞美元貝萊德全球基金印度基金亞太區（日本除外） 1.50% 1%萊斯基亞美元貝萊德全球基金拉丁美洲基金全球新興市場 1.75% 1%萊斯基亞美元貝萊德全球基金新能源基金商品及能源 1.75% 1%萊斯基亞英鎊貝萊德全球基金英國基金英國所有公司 1.50% 1%萊斯基亞美元貝萊德全球基金美國靈活股票基金北美 1.50% 1%萊斯基亞美元貝萊德全球基金世界債券基金全球固定息率 0.85% 1%萊斯基亞美元貝萊德全球基金世界能源基金商品及能源 1.75% 1%萊斯基亞美元貝萊德全球基金世界健康科學基金全球股票 1.50% 1%萊斯基亞美元貝萊德全球基金世界礦業基金商品及能源 1.75% 1%萊斯基亞美元法巴L1基金全球新興市場優選債券基金全球固定息率 1.50% 1%萊斯基亞歐元法巴L1基金全球商品物料股票基金全球股票 1.50% 1%萊斯基亞歐元法巴L1基金俄羅斯股票基金全球新興市場 1.75% 1%萊斯基亞歐元法巴L1基金全球公用事業股票基金商品及能源 1.50% 1%萊斯基亞美元法巴L1基金全球新興市場股票基金全球新興市場 1.75% 1%萊斯基亞美元法巴L1基金綠色未來基金專門市場 1.75% 1%萊斯基亞美元紐約銀行美倫亞洲股票投資基金亞太區（日本除外） 2.00% 1%萊斯基亞美元紐約銀行美倫歐洲大陸股票投資基金歐洲（英國除外） 2.00% 1%萊斯基亞美元紐約銀行美倫環球債券投資基金全球固定息率 1.00% 1%萊斯基亞美元富達亞洲進取基金亞太區（日本除外） 1.50% 1%萊斯基亞美元富達中國焦點基金亞太區（日本除外） 1.50% 1%萊斯基亞英鎊富達新興「歐非中東」基金全球新興市場 1.50% 1%萊斯基亞英鎊富達環球金融服務基金全球股票 1.50% 1%萊斯基亞英鎊富達環球健康護理基金全球股票 1.50% 1%萊斯基亞英鎊富達環球工業基金全球股票 1.50% 1%

投資相連基金詳情表－收費

11

RS GBP Fidelity India Focus Global Emerging Markets 1.50% 1%RS USD Fidelity Latin America Global Emerging Markets 1.50% 1%RS GBP First State Asia Pacific Leaders Asia Pacific Excluding Japan 1.50% 1%RS GBP First State Global Emerging Markets Leaders Global Emerging Markets 1.50% 1%RS USD First State Hong Kong Growth Asia Pacific Excluding Japan 1.50% 1%RS USD Franklin MENA Global Emerging Markets 2.00% 1%RS USD Franklin Mutual Beacon North America 1.50% 1%RS USD Franklin US Equity North America 1.50% 1%RS USD Franklin US Government Global Fixed Interest 0.95% 1%RS USD Franklin Templeton Japan Japan 1.50% 1%RS GBP GAM Star Continental European Equity Europe Excluding UK 1.50% 1%RS USD GAM Star US All Cap Equity North America 1.60% 1%RS USD HSBC GIF Brazil Equity Global Emerging Markets 1.75% 1%RS USD HSBC GIF Climate Change Global Equities 1.50% 1%RS USD HSBC GIF Korean Equity Asia Pacific Excluding Japan 1.50% 1%RS USD HSBC GIF Russia Equity Global Emerging Markets 1.75% 1%RS USD HSBC GIF BRIC Markets Equity Global Emerging Markets 1.50% 1%RS USD HSBC GIF Chinese Equity Asia Pacific Excluding Japan 1.50% 1%RS EUR HSBC GIF Euroland Equity Europe Excluding UK 1.50% 1%RS USD HSBC GIF Global Emerging Markets Equity Global Emerging Markets 1.50% 1%RS USD HSBC GIF Hong Kong Equity Asia Pacific Excluding Japan 1.00% 1%RS USD HSBC GIF Indian Equity Global Emerging Markets 1.50% 1%RS USD HSBC GIF Singapore Equity Asia Pacific Excluding Japan 1.00% 1%RS USD HSBC GIF Thai Equity Asia Pacific Excluding Japan 1.50% 1%RS USD INVESCO ASEAN Equity Asia Pacific Excluding Japan 1.00% 1%RS USD INVESCO Asia Opportunities Equity Asia Pacific Excluding Japan 1.00% 1%RS USD INVESCO Bond Global Fixed Interest 0.50% 1%RS USD INVESCO Emerging Markets Equity Global Emerging Markets 1.50% 1%RS USD INVESCO Global Healthcare Specialist 1.50% 1%RS USD Investec GS Continental European Equity Europe Excluding UK 1.50% 1%RS USD Investec GS Global Dynamic Resources Commodity and Energy 1.50% 1%RS USD Investec GS Global Energy Commodity and Energy 1.50% 1%RS USD Investec GS Global Gold Commodity and Energy 1.50% 1%RS USD Investec GS Global Dynamic Global Equities 1.00% 1%RS USD Investec GS Global Strategic Equity Global Equities 1.50% 1%RS USD JF Eastern Smaller Companies Asia Pacific Excluding Japan 1.50% 1%RS USD JF Pacific Securities Asia Pacific Including Japan 1.50% 1%RS USD JF Thailand Asia Pacific Excluding Japan 1.50% 1%RS USD JF ASEAN Asia Pacific Excluding Japan 1.50% 1%RS USD JF Australia Asia Pacific Excluding Japan 1.50% 1%RS USD JF Greater China Asia Pacific Excluding Japan 1.50% 1%RS USD JF Hong Kong Asia Pacific Excluding Japan 1.50% 1%RS USD JF Korea Asia Pacific Excluding Japan 1.50% 1%RS USD JF Taiwan Asia Pacific Excluding Japan 1.50% 1%RS USD JPM America Equity North America 1.50% 1%RS USD Parvest Equity Brazil Global Emerging Markets 1.75% 1%RS GBP Schroder US Smaller Companies North America 1.50% 1%RS USD Templeton Asian Growth Asia Pacific Excluding Japan 1.85% 1%RS USD Templeton BRIC Global Emerging Markets 2.10% 1%RS USD Templeton Emerging Markets Global Emerging Markets 2.10% 1%RS USD Templeton Emerging Markets Smaller Companies Global Emerging Markets 2.10% 1%RS USD Templeton Global Global Equities 1.50% 1%RS USD Templeton Global Bond Global Fixed Interest 1.05% 1%RS GBP Threadneedle American North America 1.50% 1%RS GBP Threadneedle Dollar Bond Global Fixed Interest 1.00% 1%RS GBP Threadneedle Latin America Global Emerging Markets 1.50% 1%RS GBP Threadneedle Strategic Bond UK Fixed Interest 1.25% 1%

Royal Skandia Investment-linked Fund Name Sector

External Annual Management Charges

Royal SkandiaAnnual ManagementCharge

12

萊斯基亞投資相連基金名稱市場外方管理年費

萊斯基亞管理年費

萊斯基亞英鎊富達印度焦點基金全球新興市場 1.50% 1%萊斯基亞美元富達拉丁美洲基金全球新興市場 1.50% 1%萊斯基亞英鎊首域亞太領先基金亞太區（日本除外） 1.50% 1%萊斯基亞英鎊首域全球新興市場領先基金全球新興市場 1.50% 1%

萊斯基亞美元首域香港增長基金亞太區（日本除外） 1.50% 1%

萊斯基亞美元富蘭克林中東北非基金全球新興市場 2.00% 1%萊斯基亞美元富蘭克林互惠指標基金北美 1.50% 1%萊斯基亞美元富蘭克林美國股票基金北美 1.50% 1%萊斯基亞美元富蘭克林美國政府基金全球固定息率 0.95% 1%萊斯基亞美元富蘭克林鄧普頓日本基金日本 1.50% 1%萊斯基亞英鎊GAM Star 歐洲大陸股票基金歐洲（英國除外） 1.50% 1%萊斯基亞美元GAM Star 美國全方位股票基金北美 1.60% 1%萊斯基亞美元滙豐環球投資基金─巴西股票基金全球新興市場 1.75% 1%萊斯基亞美元滙豐環球投資基金─氣候變化概念基金全球股票 1.50% 1%萊斯基亞美元滙豐環球投資基金─韓國股票基金亞太區（日本除外） 1.50% 1%萊斯基亞美元滙豐環球投資基金─俄羅斯股票基金全球新興市場 1.75% 1%萊斯基亞美元滙豐環球投資基金─新興四國市場股票基金全球新興市場 1.50% 1%萊斯基亞美元滙豐環球投資基金─中國股票基金亞太區（日本除外） 1.50% 1%萊斯基亞歐元滙豐環球投資基金─歐元區股票基金歐洲（英國除外） 1.50% 1%萊斯基亞美元滙豐環球投資基金─環球新興市場股票基金全球新興市場 1.50% 1%萊斯基亞美元滙豐環球投資基金─香港股票基金亞太區（日本除外） 1.00% 1%萊斯基亞美元滙豐環球投資基金─印度股票全球新興市場 1.50% 1%萊斯基亞美元滙豐環球投資基金─新加坡股票基金亞太區（日本除外） 1.00% 1%萊斯基亞美元滙豐環球投資基金─泰國股票基金亞太區（日本除外） 1.50% 1%萊斯基亞美元景順東協基金亞太區（日本除外） 1.00% 1%萊斯基亞美元景順亞洲機遇股票基金亞太區（日本除外） 1.00% 1%萊斯基亞美元景順債券基金全球固定息率 0.50% 1%萊斯基亞美元景順開發中市場股票基金全球新興市場 1.50% 1%萊斯基亞美元景順健康護理基金專門市場 1.50% 1%萊斯基亞美元天達GS歐洲大陸股票基金歐洲（英國除外） 1.50% 1%萊斯基亞美元天達GS環球動力資源基金商品及能源 1.50% 1%萊斯基亞美元天達GS環球能源基金商品及能源 1.50% 1%萊斯基亞美元天達GS環球黃金基金商品及能源 1.50% 1%萊斯基亞美元天達GS環球動力基金全球股票 1.00% 1%萊斯基亞美元天達GS環球策略股票基金全球股票 1.50% 1%萊斯基亞美元JF東方小型企業基金亞太區（日本除外） 1.50% 1%萊斯基亞美元JF太平洋證券基金亞太區（包括日本） 1.50% 1%萊斯基亞美元JF泰國基金亞太區（日本除外） 1.50% 1%萊斯基亞美元JF東協基金亞太區（日本除外） 1.50% 1%萊斯基亞美元JF澳洲基金亞太區（日本除外） 1.50% 1%萊斯基亞美元JF大中華基金亞太區（日本除外） 1.50% 1%萊斯基亞美元JF香港基金亞太區（日本除外） 1.50% 1%萊斯基亞美元JF南韓基金亞太區（日本除外） 1.50% 1%萊斯基亞美元JF台灣基金亞太區（日本除外） 1.50% 1%萊斯基亞美元摩根富林明美洲股市基金北美 1.50% 1%萊斯基亞美元百利達巴西股票基金全球新興市場 1.75% 1%萊斯基亞英鎊施羅德環球基金系列－美國小型公司基金北美 1.50% 1%萊斯基亞美元鄧普頓亞洲增長基金亞太區（日本除外） 1.85% 1%萊斯基亞美元鄧普頓新興四強基金全球新興市場 2.10% 1%萊斯基亞美元鄧普頓新興市場基金全球新興市場 2.10% 1%萊斯基亞美元鄧普頓新興市場小型公司基金全球新興市場 2.10% 1%萊斯基亞美元鄧普頓環球基金全球股票 1.50% 1%萊斯基亞美元鄧普頓環球債券基金全球固定息率 1.05% 1%萊斯基亞英鎊Threadneedle美國基金北美 1.50% 1%萊斯基亞英鎊Threadneedle美國債券基金全球固定息率 1.00% 1%萊斯基亞英鎊Threadneedle拉丁美洲基金全球新興市場 1.50% 1%萊斯基亞英鎊Threadneedle策略債券基金英國固定息率 1.25% 1%

13

fund mana¯ement ¯roupsAberdeen Asset Mana¯ementEstablished – 1983First linked to Royal Skandia – 2000

Aberdeen is an active manager. Aberdeen prides itself on original thinking and research, with the identification of good company fundamentals providing the basis for portfolio outperformance. They also emphasise investment process disciplines and risk controls. Implicit in their style is a rejection of commoditised products and closet indexing.

As an independent company, they operate a flat management structure and favour local decision-making. While free of the potential conflicts of interest that face banks or insurance-owned asset management groups, their success depends entirely on how well they manage the people’s money.

AXA Framlin¯tonEstablished – 1969 First linked to Royal Skandia – 2001

AXA Framlington is a leading and progressive specialist investment management company within the AXA Investment Managers Group. Their investment style is primarily bottom up active management and their skill is in identifying and investing in companies with growth prospects at a reasonable price.

As experts in their field, they focus on delivering superior investment returns for their clients. They offer competitive products backed up with excellent service. Their structure and size creates a dynamic environment. This encourages a high level of personal responsibility in which both individual flair and teamwork flourish. They are

therefore able to recruit and retain the very best people to ensure they meet the needs of their clients and shareholders profitably.

The company was established in 1969 and is situated in the City of London. Today they manage investments valued at more than £4.9 billion (as at 31 December 2008) for investment trusts, pension funds, charities, institutions and unit trusts. They are owned by AXA Investment Managers, who are a multi-expert asset manager.

Barin¯ Asset Mana¯ementEstablished – 1762 First linked to Royal Skandia – 1989

For actively managed equity funds, Barings seeks companies whose growth prospects are not reflected in their prices. Their investment managers implement stock, sector and country selection decisions with the highest risk/return potential. This strongly emphasises stock selection skills, drawing on their analysts’ proprietary research. They follow a “Growth at a Reasonable Price” (GARP) investment philosophy, focusing on those markets, sectors and stocks with the greatest potential for earnings growth. Growth and value disciplines are combined to help avoid the volatility that can occur in a single-style strategy, and obtain better risk-adjusted returns over time.

For fixed income funds, the emphasis is top-down. They perform proprietary research to analyse the economic and market environment. Using a scoring methodology, they then seek mispricing opportunities at the asset class, country and sector level and leverage their top ideas to construct portfolios. They believe that an in-depth understanding of consensus drivers helps reveal outperformance potential. Possible performance scenarios are identified and portfolios are constructed which should perform well under a range of market conditions.

BlackRock Established – 1967 First linked to Royal Skandia – 1998

At BlackRock, they believe that experienced investment professionals using disciplined investment processes and sophisticated analytical tools can consistently add value to client portfolios. This philosophy, combined with their strong investment culture, has made them one of the fastest growing and highly regarded asset managers in the world. BlackRock received over 165 awards worldwide in 2008 across products and business areas. Of these, 20 were attributed to the firm overall for its impressive offering as an investment house and included being named No.1 firm in Barron's 500 best performing firms in 2008.

Risk management is at the heart of BlackRock’s investment management process. Their specialist risk management team has developed some of the most sophisticated technology available to ensure that their portfolio management teams have the right tools to do their job. The objective is to ensure that BlackRock’s portfolios are designed for all kinds of market conditions.

source: details provided by respective management groups

14

安本集團成立年份－1983年

首次與萊斯基亞合作－2000年

安本是一家積極管理型的基金經理，

以原創投資及研究方法引以自豪，並

藉由發掘基本因素良好的企業，為投

資組合爭取出色表現，同時著重嚴謹

的投資程序及風險監控。投資風格並

不追捧大眾化產品，亦不盲目跟從指

數投資。

安本是獨立營運的公司，按扁平管理

架構運作，亦鼓勵本地人員自行決

策。安本並不存在銀行或保險公司旗

下資產管理集團所面對的潛在利益衝

突，業務成就完全取決於管理資金的

表現。

AXA Framlin¯ton成立年份－1969年


AXA Framlington為AXA Investment

Managers Group旗下具領導地位及勇於

創新的專業投資管理公司。其投資風

格主要是基於由下而上之積極管理方

法，找出及以合理價格投資於具增長

前景之企業。

作為業界專家，他們專注於提供具競

爭力產品及卓越服務，為客戶帶來優

越投資回報，其架構及規模亦創造出

正面而具生機的環境。這鼓勵高水平

個人責任制，讓團員能發揮其所長之

餘，團隊亦得以壯大。故此，他們可

招攬及留住最佳人才，確保服務可符

合客戶需要，為股東帶來可觀盈利。

集團於1969年在倫敦成立。今日成為

投資信託、退休基金、慈善團體、機

構及單位信託，所管理投資逾49億英

鎊（截至2008年12月31日）。集團由

資產管理集團AXA Investment Managers

所擁有。

霸菱資產管理成立年份－1762年


對於主動型的股票基金，霸菱的投資

對象為一些前景亮麗的優質股。這

類股份的特質是價格仍未反映增長前

景。霸菱的投資經理會考慮個別股

份、行業及國家等層面的因素以進行

分析，再取決予風險調整後具備最高

回報潛力的股份。強調選股技巧的投

資方針，和分析員的獨到分析。他們

堅持「合理價格增長」(GARP)的投資

理念，專注的市場、行業及股份全數

具備最大的盈利增長潛力。結合增長

與價值型投資方式，避免依賴單一投

資風格所造成的波動，並可長遠取到

更佳的風險調整後回報。

固定收益（債券）基金方面，由上而

下的方式是投資核心。霸菱進行獨到

的研究，分析經濟及市場環境。採用

評分方式，從資產類別、國家及行業

各層面上尋找價格處於不合理水平的

投資機會，並以最佳意見建構投資組

合。他們相信深入了解價格變動的成

因，有助取得較優異的表現。透過識

別可能出現的情景對表現所造成的影

響，於建構投資組合時便可作出相應

調整，於不同市場狀況下也能取得較

佳表現。

貝萊德成立年份－1967年


貝萊德相信，以經驗豐富的投資專

家，運用紀律嚴謹的投資程序及先進

的分析工具，能為客戶的投資組合不

斷增值。貝萊德一直秉持以上信念，

因而建立了強大的投資文化，現已成

為全球增長速度最快及最優秀的資產

管理公司之一。貝萊德於2008年在全

球贏取超過165個在產品及業務範疇的

獎項。當中20個獎項是表揚貝萊德作

為一家投資管理公司的卓越成就，包

括被Barron's 雜誌選為2008年500家最

優秀公司的第一位。

貝萊德的投資管理程序是以風險管理

為核心。專家風險管理小組開發出市

場上最先進的科技，確保所有基金管

理小組均能掌握重要的市場知識，讓

投資組合在任何投資環境下，均據有

利位置。

基金管理集團

資料來源：基金管理公司

15

BNP Paribas Investment PartnersEstablished – 1999First linked to Royal Skandia – 2004

BNP Paribas Investment Partners is the dedicated asset management business line of the BNP Paribas Group. BNP Paribas Investment Partners offers a full range of investment management services to institutional and retail clients around the world. Central to the way they work is the concept of partnership – both in terms of how BNP Paribas Investment Partners behaves as a family of companies and their relationships with their clients. Over 1,000 investment professionals work across their network of some 60 investment centres, each of which is a specialist in a particular asset class or type of product. With total assets under management of EUR 533 billion as of 30 June 2010, BNP Paribas Investment Partners is the third-largest asset manager in Europe and the nineth-largest in the world.

On April 1 2010, the operations of Fortis Investments were merged with those of BNP Paribas Investment Partners. Fortis Investments’ investment experts and international locations were a natural and complementary fit with BNP Paribas Investment Partners, whose flexible partnership model has proven successful in integrating new expertise in the past. Together, the combined company provides clients with an even broader range of investment solutions and even better client service than before.

BNY Mellon Asset Mana¯ementEstablished – 1977First linked to Royal Skandia – 1998

The BNY Mellon Global Funds range is managed by the BNY Mellon Asset Management stable of specialist fund management companies.

BNY Mellon Asset Management is the global asset management arm of The Bank of New York Mellon, one of the world's major financial services groups, with operations in 34 countries serving more than 100 markets.

With US$928 billion in assets under management*, BNY Mellon Asset Management is a global leader. We offer a wide variety of strategies that enable sophisticated investors to meet their objectives, with depth and breadth of expertise in every major sector and asset class.

*As at 31 December 2008

Fidelity InternationalEstablished – 1946 First linked to Royal Skandia – 1991

Fidelity International believes that equity markets are semi-efficient, which leads to the mispricing of securities. They aim to exploit these inefficiencies through fundamental, company-level research. Fidelity International believes that prospects for, and valuation of, individual companies can be predicted with a greater degree of accuracy than macroeconomic factors and themes. Stock selection therefore provides the best opportunity to capture added value.

First State InvestmentsEstablished – 1988First linked to Royal Skandia – 2003

First State Investments is a specialist asset management business focused on developing and managing innovative investment products which seek to outperform clients’ objectives.

They offer a range of product structures across categories including Asia Pacific and global emerging markets, global resources and global equities, property securities and infrastructure.

First State forms part of the consolidated asset management business of the Commonwealth Bank of Australia, managing £62.4 billion* on behalf of investors worldwide.

Their investment teams are structured so managers and analysts are given a strong sense of portfolio ownership by way of team-focused incentives. They believe this promotes commitment and intellectual engagement, aligning interests and success with those of their clients.

Each of First State’s portfolios is managed according to three underlying investment principles:

• Focus on sustainable earnings per share growth

• Favour quality companies

• Pay sensible prices.


16

法國巴黎成立年份－1999年


法國巴黎投資是法國巴黎銀行的專設

資產管理旗艦，為全球的機構及零售

客戶提供全面的投資管理服務。法國

巴黎投資的營運建基於合夥概念－這

個概念體現於他們作為集團成員公司

的運作，以及他們與客戶的關係。法

國巴黎投資的網絡由60多家投資中心

及1,000名投資專才組成，每名投資專

才均為個別資產類別或產品種類的專

家。截至2010年6月30日，法國巴黎

投資管理的資產總值達5,330億歐元，

是歐洲第三大及全球第九大資產管理

公司。

在2010年4月1日，富通資產管理的業

務與法國巴黎投資的業務合併。法國

巴黎投資的靈活合夥模式在過去均能

成功與新專才合併；同樣，富通資產

管理的投資專才及遍佈全球的業務據

點，亦能與法國巴黎投資互相配合，

相輔相成。合併後的公司將為客戶提

供更廣泛的投資方案及更佳的客戶服

務。

BNY Mellon Asset Mana¯ement

成立年份 – 1977年

首次與萊斯基亞合作 – 1998年

紐約銀行美倫環球基金(BNY Mellon

Global Funds, plc)系列由專業基金管理

公司紐約梅隆銀行資產管理公司(BNY

Mellon Asset Management)管理。

紐約梅隆銀行資產管理公司為紐約梅

隆銀行(The Bank of New York Mellon)旗

下之全球資產管理公司。紐約梅隆銀

行為全球金融服務業界最卓越的領導

者之一，通過已入駐的全球34個國家

的超過100多個市場為客戶提供服務。

紐約梅隆銀行資產管理公司是全球

領先的行業領導者，所管理資產達

9,280*億美元。於每一資產類別和領

域𥚃，均具豐富行業及專業知識，並

提供全面的投資策略，讓資深投資者

達到其目標。

* 截至2008年12月31日

富達國際成立年份－1946年


富達國際認為股票市場只屬半有效，

導致證券出現定價錯配現象。富達國

際希望通過基本的、以公司為本的研

究，充份利用此無效性。富達國際認

為，預測個別公司的前景及價值，較

透過宏觀經濟因素及主題能更準確預

測公司前景。精於選擇股票就能為客

戶提供股票增值的良機。

首域投資成立日期－1988年


首域投資為專業資產管理機構，專注

於開發及管理創新投資產品，旨在帶

來超越客戶目標之表現。

首域提供一系列產品，涵蓋亞太及全

球新興市場、全球天然資源及全球股

票、房地產證券及基建等。

首域負責澳洲聯邦銀行綜合資產管理

業務，為全球投資者管理資產達624

億英鎊*。

首域的投資團隊組織良好，故基金

經理及分析員可透過團隊獎賞，投入

及加強認知發展，與客戶共享成功。

首域每一個投資組合均按照下列三個

基本原則管理：

• 著重每股盈利持續增長

• 選擇優質公司

• 合理價值

*截至2008年12月31日

17

Franklin Templeton InvestmentsEstablished – 1931 First linked to Royal Skandia – 1998

The group offers four distinct investment platforms. Each has its own unique traditions and investing styles (and over 60 years’ experience) through one point of contact. Franklin Templeton Investments can truly offer the broadest range of styles and funds of any group.

Franklin – Growth and blend styles. Experts in US equity and fixed income.

Templeton – Value style, global bargain-hunters. Global equity, fixed income and emerging markets.

Mutual Series – Deep value. Unlocking the hidden value for shareholders, wherever it is found.

Fiduciary Trust – Growth style, equity and fixed income. Specialists in managing assets for institutional and high net worth clients.

Throughout their entire evolution, Franklin Templeton’s purpose has remained steadfast: to be the world’s premier global investment management organisation founded on experience, principles and diversity of choice and to offer their partners an investment service unparalleled within the financial industry.

GAMEstablished – 1983 First linked to Royal Skandia – 2008

GAM delivers active investment management to private clients, institutions and intermediaries. Its goal is to produce outstanding results for clients by providing access to great investment talent throughout the world. All of GAM’s fund managers, whether employed by GAM or contracted to GAM, are unconstrained in their investment management process and decisions. As well as active management within funds, GAM uses active asset allocation to combine funds in managed portfolios that meet clients’ diverse needs.

GAM’s funds and strategies cover a broad range of asset classes, currencies and market conditions. Established in 1983 by its visionary founder, Gilbert de Botton, GAM was owned by UBS AG from 1999 until December 2005 when it was acquired by Julius Baer Holding Ltd. GAM continues to have a distinctive style and culture.

GAM pioneered a highly disciplined approach to identifying, selecting and managing fund managers. They continually gather information on funds and conduct extensive analysis.

Their aim is to identify those fund managers who stand out from the rest and who therefore qualify for inclusion in the range of strategies that they offer. They believe that consistently superior investment returns are best achieved by giving these managers an unconstrained environment to perform.

Their investment decisions are based on experience, sound judgement and process.

The quality of this approach is reflected in the large number of GAM funds that are top performing. This performance has been recognised by independent ratings and numerous awards. For their clients who require discretionary managed portfolios, deciding where to invest and in which asset classes is just as important as finding remarkable managers. Their solution is to apply intelligent allocation of clients’ assets across asset classes, markets and manager styles, according to market conditions. This process is managed by GAM’s Managed Portfolio Investment Committee and is applied consistently to all discretionary portfolios.

18

富蘭克林鄧普頓成立年份－1931年


透過直接的聯繫方式，富蘭克林鄧普

頓便可為客戶提供四個不同的投資平

台，每個平台都有其獨特傳統及投資

方式（超過60年的投資經驗）。富蘭

克林鄧普頓真正能為客戶提供最廣泛

的投資方式，以及任何組別內的基金

選擇。

富蘭克林－增長及混合方式。專於美國股票及固定收益產品。

鄧普頓－有價值方式，在全球覓購便宜的投資，包括環球股票，固定收益

及新興市場。

互惠基金系列－深層價值方式為股東揭開隱藏價值的面紗。

受託人信託－增長方式，投資股票及固定收益，是機構及高淨值客戶管理

資產的專家。

綜觀整個發展過程，富蘭克林鄧普頓

的目標始終堅定不移：成為全球首屈

一指的投資管理機構。這個目標是建

基於投資經驗、投資原則、多樣化的

投資選擇，以及在金融界為夥伴提供

卓越的投資服務。

GAM

成立年份－1983年


GAM由具高瞻遠矚的Gilbert de Botton

於1983年創立，1999至2005年由瑞

士銀行全資擁有，其後於2005年12

月起成為瑞士寶盛集團（Julius Baer

Group）成員。GAM一直致力為機構、

中介人及私人客戶提供優質的投資管

理。他們的宗旨是讓客戶可藉著該公

司或以外的投資管理專才，取得出色

的投資表現。

GAM在管理基金方面採取積極投資

方法，而在投資組合亦按個別客戶的

需要，靈活分配資產及選取基金。他

們的基金及投資策略覆蓋不同的資產

類別、貨幣及市場，尤其是在管理對

沖基金及對沖基金中的基金(funds of

hedge funds)方面擁有豐富經驗。透過

細心周全的態度和採用利便客戶的科

技，為客戶提供優越的服務。繼往開

來，GAM將保持其獨特的營運理念及

風格，令客戶受惠。

GAM秉承極為嚴謹的投資取向，深

入鑑別、甄選和管理其基金經理。他

們不斷搜集基金資訊，並進行全面的

投資分析，以物色領先同儕的基金經

理，並吸納合資格的優秀專才。他們

深信為基金經理提供適當的自由度，

讓他們根據個別的經驗、良好的判斷

力和卓越的投資程序，能有效為客戶

取得持續可觀的回報。

這種策略的成功從他們旗下多項基金

表現卓越可見一班。其突出的表現已

贏得獨立評級的嘉許及榮獲多個獎

項。

19

HSBC Global Asset Mana¯ementEstablished – 1975First linked to Royal Skandia – 1999

HSBC Global Asset Management delivers a comprehensive range of investment capabilities through a small number of specialist investment boutiques, including a global active fundamental specialist (Halbis Capital Management) and a global quantitative business (SINOPIA Asset Management).

The firm values the importance of local knowledge in generating investment insights, and offers a truly global investment and distribution footprint including a comprehensive network of local offices based around the world which are dedicated to fundamental company research.

Halbis specialises in unconstrained equity and fixed income strategies, with a particular strength in emerging markets investing, as well as offering capabilities across a host of alternative equity and fixed income strategies.

Sinopia is an active quantitative investment manager focused on innovative and research-driven equity, fixed income and absolute return strategies.

The aim is to maintain a performance focus delivering consistently strong results in our global range of investment strategies while operating within a defined, disciplined framework. HSBC Global Asset Management has over 200 investment professionals based in 14 key emerging markets locations.

The flagship fund range, HSBC Global Investment Funds, ranks amongst the largest three cross border fund ranges that are distributed on a global basis, with an offer that includes some of the most popular specialist funds in the world.

Invesco Asset Mana¯ement Asia LimitedEstablished – 1863 First linked to Royal Skandia – 1992

Invesco offers a multi-style, multi-product approach to providing investment products for their investors worldwide to cater for the varying needs in different regions and economic environment and personal circumstances.

As one of the largest and most experienced independent global investment management firms, Invesco offers its clients a product range that is characterised by depth, breadth, and a strong overall performance record that not many of its competitors can match. Investment solutions range from major equity and fixed-income asset classes to non-traditional asset classes including real estate.

These investment capabilities are delivered through a number of distinctive investment teams with clearly articulated philosophies and processes. All teams apply investment disciplines that are underpinned by diligent oversight as well as a rigorous quality control process.

The strong regional and local presence, coupled with their global experience as a top provider of retail funds, segregated portfolios and retirement products, enables Invesco to offer world-class products and services to meet different client needs. Committed to high quality customer service, Invesco is recognized for its client servicing excellence, winning a number of awards throughout the years.

Investec Asset Mana¯ementEstablished – 1991First linked to Royal Skandia – 1992

Investec Asset Management is a specialist investment manager, providing a premier range of portfolio management services and products to institutional and individual investors. Established in 1991, the firm has been built from start-up into an international business managing approximately US$55bn* on behalf of third party clients. The business has grown from domestic roots in the UK and Southern Africa to a position where it proudly serves a growing international client base from the Americas, Europe, Asia, the Middle East, Australia and Africa. We employ over 100 investment professionals.

The firm seeks to create a profitable partnership between clients, shareholders and employees, and to exceed expectations for both client service and performance.

Investec Asset Management is an independently managed subsidiary of Investec group.

* As at 30 September 2008

20

HSBC Global Asset Mana¯ement

成立年份－1975年


HSBC Global Asset Management 透過

多間小型專業投資公司，包括全球

專業基本因素分析公司(Halbis Capital

Management)及全球定量分析公司

(SINOPIA Asset Management)，提供全

面投資產品系列。

該公司著重由本地分析員提供的投資

概念，並提供全球投資及分銷渠道，

設有龐大網絡，於世界各地設有辦事

處，專注企業基本因素研究。

Halbis專注各種股票及定息投資策略，

特別善長於新興市場投資，並提供另

類股票及定息策略。

Sinopia為定量投資管理公司，專注於

創新及以研究主導之股票、定息及絕

對回報策略。

投資目標是以表現為主，在既定及規

律化框架內，就其全球投資策略，定

期提供強勁回報。HSBC Global Asset

Management於14個新興市場地點，擁

有逾200名投資專業人員。

由HSBC Global Investment Funds管理之

旗艦基金系列為全球三大跨國基金系

列，包括部分全球最受歡迎的基金。

景順資產管理亞洲有限公司成立年份－1863年


景順採取多種風格及多元化產品的投

資策略，以配合世界各地因應地區、

經濟環境及個人狀況而有所不同的投

資需要。

景順是全球最大、最富經驗的獨立投

資管理公司之一，為客戶提供一系列

深入和廣泛的投資產品，而且整體表

現優異，超越眾多競爭對手。投資方

案包含主要股票和定息證券資產類

別，以至非傳統資產類別，包括房地

產。景順的獨特投資團隊，秉承清晰

的投資理念和程序。所有團隊嚴守投

資紀律，致力監管投資過程，並執行

審慎的質量控制程序。

憑著環球投資經驗及地區性之優勢，

景順貫徹提供國際級的投資產品及服

務以滿足不同客戶之需求。此外，景

順致力提供高質素的顧客服務，在過

去曾多次獲取客戶服務獎項，證明客

戶服務質素獲得認同。

天達資產管理成立年份－1991年


天達資產管理是專業投資管理公司，

向機構及個人投資者提供一系列投資

組合管理服務及產品。天達資產管理

於1991年成立，由起初的小型公司發

展成為跨國企業，為第三方客戶管理

資產約為550億美元*。公司業務已從

英國和南非本地發展到美洲、歐洲、

亞洲、中東、澳洲和非洲等不斷增長

的國際客戶群。集團擁有逾100名投資

專業人員。

公司尋求與客戶、股東及僱員建立互

利的夥伴關係，並在客戶服務及表現

方面發揮比預期更佳的水準。天達資

產管理為天達集團之獨立管理附屬公

司。

* 截至2008年9月30日

21

J.P. Mor¯an / JF Asset Mana¯ementEstablished – 1837 First linked to Royal Skandia – 1995

J.P. Morgan is primarily a research-oriented growth investor. Portfolios are constructed using a bottom-up approach in most regions. Their aim is to achieve consistency of returns across their product range through a rigorous approach to risk and the disciplined use of 'model' portfolios. They are committed to independent research, investing in high quality companies with under-recognised growth potential.

Schroders (Hon¯ Kon¯)Established – 1804First linked to Royal Skandia – 1994

Schroders is a leading independent international asset management and private banking group, with more than 200 years experience in financial services and over US$204.5 billion in assets under management*.

Schroders manages investments across all major asset classes for clients including large pension funds, government bodies, charities, corporations and individual investors throughout the world.

Schroders’ independence and single focus on asset management enables alignment of its interests with those of our clients worldwide. Schroders aims to apply specialist asset management skills to serve the needs of its clients, utilizing the 370 plus portfolio managers and analysts covering the world’s investment markets from its global network of 37 offices in 28 countries*.

Schroders’ investment capabilities have been recognized by experts across the world, and its range of funds has won numerous awards worldwide over the past years.

Schroders is highly committed to excellence in risk management. It has a stringent research and investment process which provides security and confidence in its ability to produce consistent performance for clients.

In Hong Kong, Schroders has built a strong local presence over the last 37 years. This is evidenced by their extensive list of clients comprising reputable listed companies, major fund distributors, and retail investors.

*As at 30 September 2008

ThreadneedleEstablished – 1994First linked to Royal Skandia – 2004

Managing clients’ assets is Threadneedle's only business. Their aim is to provide investment solutions that combine superior returns with clear risk control and excellent service. To make this happen, Threadneedle devotes significant resources to original research, supported by 140 investment professionals with an average of over 14 years’ investment experience and 6 years’ tenure*.

Threadneedle is characterised by its dedication to a disciplined investment process based on four central tenets of teamwork, integrated research, dynamic style and risk control. Their team-based approach connects the talents of outstanding individuals. Their investment process connects different product areas and diverse disciplines.

Threadneedle’s investment approach depends upon and is driven by integrated research. This research is supported by a dynamic investment style and reinforced by rigorous risk control. The whole process is underpinned by a commitment to teamwork that encourages sharing of information and ideas company wide. This philosophy and team culture is applied to all investment funds across their entire range.


22

摩根大通 / JF資產管理成立年份－1837年


摩根大通基本上是一以研究為本的專

注增長的投資者，所建立的投資組合

在大多數地區，皆採用由下而上的投

資方式。摩根大通的目的是希望他們

的投資產品，通過謹慎管理風險以及

嚴守紀律的「模範」投資組合，能夠

取得穩定的回報。摩根大通致力運用

獨立研究，投資於具潛力的高質素公

司。

施羅德投資管理（香港）成立年份－1804年


施羅德投資管理是全球具領導地位獨

立國際資產管理和私人銀行集團，擁

有超過二百年豐富經驗，致力提供專

業的投資管理服務，現時管理資產總

值逾2,045億美元*。

施羅德專門管理各種主要類別的資產

投資，客戶層面廣泛，包括世界各地

的大型退休基金、政府機構、慈善團

體、企業和零售投資者。

施羅德秉持獨立經營方式，而且專注

於資產管理業務，令我們能切合全球

客戶的需要。施羅德的業務網絡貫通

全球，遍及28個國家，合共設有37個

辦事處，並且聘用了超過370位投資

組合經理和分析師*，緊貼世界各地的

投資市場，務求發揮專業資產管理技

巧，滿足客戶所需。

施羅德的卓越投資實力，在業內備受

推崇，而且施羅德旗下多項基金，亦

於過去數年榮獲不少國際獎項。

施羅德非常重視風險管理，訂有嚴謹

的分析和投資程式，致力為客戶達到

投資的目標。

施羅德在香港經營業務逾37年，深受

數目眾多的著名企業、基金分銷商和

零售投資者信賴。

*截至2008年9月30日

Threadneedle

成立年份－ 1994年


為客戶管理資產，是Threadneedle 唯

一的業務。公司旨在為客戶提供解決

投資疑難的方法；同時，透過清晰的

風險控制及良好的服務水平，為客戶

賺取可觀的回報。Threadneedle 將大

量的資源投放在原創研究上，背後是

由140 位投資專才（平均有14年投資經

驗，當中6年屬任職期）支持*。

Threadneedle的投資特色，是致力維

持嚴守紀律的投資過程，而這個過程

乃建基於四個中心原則，包括團隊

合作、整合研究、靈活投資及風險管

理。Threadneedle 的團隊運作方式將

優秀的人才連結起來；Threadneedle

的投資程序，則結合了不同的產品領

域及多元化的市場規則。

Threadneedle 投資策略全賴各投資專

才的整合研究在背後推動著；而研究

則由靈活的投資風格及強效的風險控

制支援。整個程序因致力團隊精神而

得以鞏固，而公司文化是鼓勵全體員

工共同分享資訊及意見。這種工作哲

學及團隊文化適用於Threadneedle所有

的基金投資。

*截至2008年12月31日

23

currency detailsRoyal Skandia investment-linked funds are available in a range of currencies - US$, £, HK$ and €. Not all of them are available in all currencies.

Where a currency has * next to it, Royal Skandia investment-linked fund prices are produced using Royal Skandia's multi-currency pricing system. This means that Royal Skandia takes the price of each investment-linked fund and, by applying an exchange rate to the base currency, produces an equivalent price in each of the other currencies. In these cases, the value of it will be subject to exchange rate fluctuations.

specific riskRoyal Skandia investment-linked fund names followed by numbers are subject to the conditions outlined here. It is important for investors to consider this information before the investment is made.

1. The underlying fund is denominated in one currency but may hold assets which are priced in other currencies. The performance of it may therefore rise and fall as a result of exchange rate fluctuations.

2. These Royal Skandia investment-linked funds offer pricing alternatives and, as a result, exchange rate movements will affect the price of it compared to the underlying investments.

3. Due to the various fees and charges levied by Royal Skandia, the return on your policy as a whole may be lower than the return of the underlying investment you selected.

4. Investments in the Royal Skandia investment-linked fund are volatile and investors should expect an above average price increase or decrease.

5. Whilst the Royal Skandia investment-linked fund invests in property and will therefore be affected over the longer term by property fundamentals, it holds investments indirectly via property securities. This means that the price of the investment-linked fund will be affected by events in property markets, but also significantly by other factors that affect share prices such as investor sentiment and supply and demand. The price is therefore likely to be more volatile than a directly invested property portfolio and may perform markedly differently over the short to medium term.

other risk warnin¯sSome underlying funds and certain respective underlying investments may use financial instruments such as:

– currency forward contracts– futures– options– debt obligations– swaps– over-the-counter derivatives

for hedging purposes, efficient portfolio management or as part of the investment policy. They may be highly volatile and of high risk.

Underlying funds may be exposed to insolvency risk related to third party institutions.

There may be risk to your investment in the unlikely event that Royal Skandia goes into liquidation. However, there are certain safeguarding measures which can be found in our product brochure.

These are just a few of the general risks in the financial market. For details of all specific risks involved, please refer to the respective offering document/prospectus of the underlying fund. You should always discuss your financial requirements and risk tolerance level with your financial adviser in the first instance.

investment-linked fund information

24

貨幣詳細資料多種貨幣，包括美元、英鎊、港元及

歐元均獲萊斯基亞投資相連基金接

受，但並非所有貨幣均獲接受。

凡有*標誌在旁邊的貨幣，萊斯基亞

投資相連基金價格是採用萊斯基亞的

多元貨幣報價系統產生。即是說萊斯

基亞先取投資相連基金的價格，再以

此將作為基本貨幣兌換其他貨幣的滙

率，從而產生每一種其他貨幣的等同

價格。在此等情況下，其價值將受滙

率變動影響。

特定風險預告萊斯基亞投資相連基金名稱後的數

字，是受本文所列之條件規限。作出

投資前，投資者務請考慮本文所載的

資料。

1. 相關基金以一種貨幣命名，但可能

同時持有其他貨幣定價的資產。因

此，基金表現將會因資產價格及貨

幣匯率波動而受影響。

2. 本萊斯基亞投資相連基金提供不同

的折算選擇，因此，貨幣匯率波動

會影響基金相對於其相關投資的價

格。

3. 由於萊斯基亞徵收的各項費用及收

費，保單的整體回報或會低於　閣

下所選相關投資的回報。

4. 投資於該萊斯基亞投資相連基金會

面對波動，投資者要有心理準備，

升╱跌幅可大於一般波幅。

5. 萊斯基亞投資相連基金投資於物業

是透過物業證券間接持有投資，而

長線而言，將受物業基本因素影

響。這亦意味基金價格會受物業市

場動向影響外，亦會受到影響股份

價格的其他因素，例如投資情緒

及供求的重大影響。因此，與直接

投資物業組合比較，這項投資的價

格相信會有更大波動，而中短線而

言，其表現可能會有頗大差異。

其他風險警告部分相關基金及其相關資產可能利用

下列金融工具：

－遠期貨幣合約

－期貨

－期權

－債權證券

－掉期合約

－場外交易衍生工具

以作對沖，有效投資組合管理或作為

投資策略的一部分。該等工具可能波

動性較大及涉及較高風險。

相關基金資產可能承受第三方機構的

破產風險。

閣下的投資將在可能性極低的事件

中，例如萊斯基亞面臨清盤而存有風

險。然而，我們已採取多項保障措

施，詳情載於產品銷售刊物內說明。

上述項目只為金融市場內的一般風

險。有關個別基金涉及的風險詳情，

請參考個別相關基金的銷售文件或認

購章程。我們建議閣下應先與專業

理財顧問商討閣下的投資要求及可

承受的風險水平。

投資相連基金資料

25

unit pricesRoyal Skandia normally calculates the value of units once on each working day although it may do this more or less often if considered necessary, for example where prices of the assets contained within the investment-linked fund are themselves priced more or less frequently.

varyin¯ the unit priceMost account transactions will be carried out at a price calculated using a valuation based on buying, or offer, prices of the underlying assets. However, there may be occasions when Royal Skandia has to sell the underlying assets because more money moves out of an investment-linked fund than into it on any one day. If this occurs, Royal Skandia may adjust the basis used for calculating unit prices of the investment-linked fund to protect policyholders who remain in the investment-linked fund. The adjustment will result in a drop in the unit prices of the investment-linked fund that day broadly to reflect the difference between the buying and selling prices of the investment-linked fund’s underlying assets.

deferrin¯ transactionsTo safeguard all policyholders, Royal Skandia reserves the right to defer any request for a switch or encashment by up to two weeks. If an investment-linked fund holds real property directly or indirectly, Royal Skandia may exercise a longer deferral period (maximum 12 months) because the property in it may not be readily saleable. For an investment-linked property fund, you should note the value of the property is generally a matter of a valuer's opinion rather than fact.

Where circumstances prevent Royal Skandia from calculating fair and accurate unit prices for a particular transaction, Royal Skandia may defer the transaction to a date it considers appropriate and equitable. Royal Skandia will consider the circumstances, your interests and the interests of all of its policyholders.

termination of a Royal Skandia investment-linked fundRoyal Skandia has the right to close any of its investment-linked funds if considered necessary. In such circumstances policyholders invested in it would be switched to another alternative on a bid to bid basis.

Royal Skandia will use best endeavours to give you advance notice of not less than one month or such shorter period of notice in compliance with the relevant regulatory requirments. In such event, Royal Skandia will give you the opportunity to select an alternative fund choice. If you do not select an alternative fund Royal Skandia will select one for you, normally the Royal Skandia Deposit investment-linked fund in the same currency as your policy.

26

單位價格萊斯基亞的單位價格，一般每個工作

日計算一次，但亦會按需要計算多於

或少於一次。例如，當投資相連基金

持有的資產本身定價次數的頻程度。

單位價格變動大部分賬戶交易將按相關基金╱資產

的賣出價估值計算。然而，如一天之

內轉出的資金較入的多，以致萊斯基

亞須要出售相關基金╱資產時，萊斯

基亞可能會調節定價基準，以保障仍

持有投資相連基金的投資者。調節會

令當天的投資相連基金的單位價格下

跌，以反映相關基金的有關資產的買

賣差價。

延遲交易為保障保單持有人，萊斯基亞保留權

利，延遲任何轉換或贖回要求，最多

為兩星期。如投資相連基金直接或間

接持有房地產，萊斯基亞可行使更長

的遞延期（最多12個月），理由是所

持有的物業未必可即時變賣。就投資

相連物業基金而言，投資者應注意物

業價值一般而言是一估值而非現實價

值。

倘就某一特定交易，萊斯基亞遇上無

法公平及準確計算單位價格的情況，

萊斯基亞可延遲交易直至萊斯基亞認

為可適當及公平進行交易。萊斯基亞

將考慮實際情況、閣下的利益及所

有保單持有人的利益。

終止萊斯基亞投資相連基金萊斯基亞認為有需要的情況下，有權

結束任何投資相連基金。如萊斯基亞

結束投資相連基金，保單持有人所持

有的投資，將按買入價作對比轉至另

一投資選擇。

萊斯基亞會設法盡量向閣下發出不

少於一個月之事先通知，或符合相關

監管規定的較短通知期。在此情況

下，萊斯基亞會讓閣下選擇另一隻

投資相連基金。倘若閣下沒有選擇

另一隻投資相連基金，則萊斯基亞會

代閣下選擇，通常是跟　閣下的保

單貨幣相同的萊斯基亞存款基金。

27

the Royal Skandia investment proposition The Royal Skandia investment-linked fund proposition provides access to an extensive range of world-class investments, covering a multitude of asset classes, investment strategies and geographic regions. We seek to offer ample choice with the flexibility to refine the investment options as the needs of the investor change.

The investment proposition is split into two distinct offerings:

Self Select offers a wide choice of investment-linked funds from market-leading managers. This range of investment-linked funds provides full control over investment strategy and gives the freedom to make your own decisions about portfolio construction and investment choice.

MultiManager offers access to the specialist service of ‘managing the managers’ and provides the flexibility for investors to either retain asset allocation decisions or to delegate them to experts.

The return of each of the investment-linked funds within the MultiManager offering is calculated with reference to a pool of assets internally managed on a discretionary basis by Royal Skandia.

Self Select MultiMana¯er

World-class investment proposition

• An extensive selection of fund managers and their funds

• Comprehensive choice across asset types, geographic regions and sectors

• Freedom to create tailored portfolios

• Delegated fund manager and/or asset allocation decisions

• Investment experts select, monitor and de-select fund managers

• A blend of manager skills to create complete investment solutions

28

萊斯基亞投資選擇

萊斯基亞投資相連基金提供一系列的

世界級投資選擇，涵蓋不同的資產類

別、投資策略及地域。我們致力提供

多個靈活選擇，因應投資者需要的改

變，調整投資選擇。

我們的投資選擇劃分為兩個不同類

別：

自選基金提供多樣化由頂尖基金經理公司管理的投資相連基金選擇。投

資相連基金系列讓　閣下全面控制投

資策略，自行決定基金組合及投資選

擇。

多元基金經理提供「管理基金經理」專業服務，讓投資者靈活保留資產分

配，或授權由專家進行。

多元基金經理系列下的投資相連基

金，其回報是參照由萊斯基亞酌情內

部管理的資產組合而計算。

世界級投資選擇

自選基金多元基金經理• 授權基金經理及／或資產分佈決定

• 投資專家選擇、監察及更替基金經理

• 糅合基金管理技巧建立全面投資方案

• 廣泛的基金經理及其基金選擇• 資產類別、地域及類別的全面選擇

• 自由建立切合自己的投資組合

29

the Royal Skandia MultiMana¯er investment choices Royal Skandia offers a wide range of investment-linked funds which are ultimately managed by world-class fund managers. This MultiManager approach allows investors to benefit from varying investment styles, providing access to investment choices across different asset classes and geographic regions. Each investment-linked fund is managed in accordance to a strict investment mandate which dictates the levels of exposure to certain markets and asset classes that it can invest in along with the permissible overweight or underweight tolerance levels. The performance is monitored daily against a set benchmark and is formally reviewed every month by the Investment Committee who carry the overall responsibility for these funds.

The day to day management of the investment-linked funds is carried out by a team of over 50 highly qualified and expe

details of the royal skandia investment-linked...

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