Skandia International, the offshore business of UK's Old Mutual Wealth Management, has chosen Singapore to be the first market for the launch of its new wealth management product.

Wealth Interactive is being introduced in the city-state via a new online investment bond product called Flexible Investment Account. The product allows lump sums, regular premiums and ad hoc investments, subject to an initial investment of $60,000 or equivalent. Investors can make contributions in a wide range of currencies and, with the help of their financial advisor, choose from MAS authorised or recognised assets to build their portfolios. Withdrawals may be made at any stage, free of charge.

The Flexible Investment Account is only available through financial advisors.

"Before we embarked on 'Wealth Interactive,' we learned from research that both customers and advisors expect savings and investment product providers to be easier to deal with. This new product complements our existing offering in Singapore and provides control and flexibility online," said Michelle Andrews, commercial director at Skandia International. 

The account is classed as a portfolio bond and issued by Royal Skandia Life Assurance Singapore.