Norwich Union has appointed Penrose Financial to raise awareness of
the modernisation of its range of unit trust products.
Penrose will handle PR for the proposed conversion of 18 of its 21 unit
trusts into an Open Ended Investment Company (OEIC). It will target
Norwich Union’s 34,000 direct unit trust and Pep holders with the
message that OEICs are more flexible and straightforwardly priced than
unit trusts.
Norwich Union wants the conversion to go ahead in November but the move
is dependant on the votes of the unit trust holders. Penrose will target
individuals and the independent financial adviser market through
financial titles and national press.
Shona Prendergast, a partner at Penrose, said: ’We will provide an
explanation of what is happening. It’s not a complicated issue but it
will mean unit trust holders will have different products.’
Penrose, which was formed earlier this year by four former employees of
Ludgate Communications, pitched for the business against one other
agency. Norwich Union uses QBO for ongoing work on its insurance and
healthcare products.
