LONDON, 11.03.2009 – More than three quarters of institutional and IFA investors in traded life policies polled by Managing Partners Limited, the boutique fund manager, said they would be increasing their exposure to the asset class over the next year.

The survey results complement research revealed in the 2008 Merlin Stone Report2 that showed investment by both retail and institutional investors in TLP funds rose by more than 50% over the year to 1 November 2008. The report said the combined assets of the five largest funds distributed in the UK grew from the equivalent of $405.2 million on 1 November 2007 to $621.4 million on 1 November 2008.

TLPs are US-issued whole of life policies sold before their maturity date to allow the original owners to enjoy some of the benefits during their own lifetimes. They are gaining increasing recognition for their ability to deliver steady, predictable returns uncorrelated with other asset classes. In the 12 months to 1 January 2009, the GBP growth share class in MPL’s Traded Policies Fund, which is open to retail investors, returned 10.47% net of all charges, while the Institutional GBP share class returned 10.56%.

More than two out of five (44%) of the respondents in the survey said they would increase their exposure by up to 10%; over one in 10 (12%) said they would do so by 11-20%; and nearly one in four (24%) said they would do so by more than 20%. None said they would reduce their exposure while the remainder (8%) were undecided. For a full breakdown between IFAs and institutional investors.

Favourability towards TLPs was high. Four out of five (80%) of the respondents said they were either very favourable (32%) or quite favourable (48%). Only 16% said they were undecided. None said they were unfavourable.

There was overwhelming support in favour of TLPs being regarded as a separate asset class in their own right, with nearly nine out of 10 respondents (88%) agreeing this should be the case.  In the survey, 87% of IFAs and 90% of institutional investors agreed. Only 4% were against this (7% of IFAs and 0% institutions) and 8% did not know (7% of the IFAs and 10% of the institutions).

Jeremy Leach, Managing Director of MPL commented: “Our Traded Policies Fund, which is open to both retail and institutional investors, delivered double-digit returns in 2008, when investors were suffering losses from their holdings in equities, bonds and even cash. It is hardly surprising that investors are looking to raise their exposure to an investment that offers steady, predictable returns no matter what is happening in other asset classes. This reinforces the case for TLPs to be recognised as an asset class in their own right.”

For further information on Managing Partners Limited range of funds, call 0207- 965- 4631 or visit (www.managing-partners.com).

Survey was carried out among 25 institutional investors and IFAs at a masterclass on TLPs at the Waldorf Hilton in London on 13th February

The Market for traded Life Policies 2008, by Professor Merlin Stone of the Bristol Business School and commissioned by MPL

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