Ascentric launches Offshore Bond

Independent wrap platform Ascentric announces the launch of the ‘Ascentric Offshore Bond'. Administered by Royal London 360°, the bond will provide additional cost effective options to advisers and their investors seeking the tax benefits of investing offshore.

The Ascentric Offshore Bond combines the technical expertise of Isle of Man based Royal London 360° together with Ascentric's online functionality to offer a seamless investment experience for advisers and their clients. It will complement the 4 offshore bonds already available on the Ascentric Wrap platform through its product partners.

The Ascentric Offshore Bond offers a tax-efficient way for financial advisers to help their clients build a personalised yet flexible investment portfolio in an offshore environment. A number of Royal London 360°'s trusts will be able to be used with it, including the double award-winning Select Discounted Gift Trust which is designed to help reduce the value of an individual's estate for UK Inheritance Tax purposes.

As the product is administered on the platform's gross nominee service, income is distributed on a gross basis which will avoid the need for any party to reclaim tax on the client's behalf.

The Ascentric Offshore Bond offers the following features:

A combination of open architecture and tax efficiency
Client money can be invested on the platform from the point of policy commencement
Access to a wide range of funds from a variety of sectors across the market
Competitive pricing structure with no initial set up costs
Clear charges with all transactions undertaken through a platform cash account

Commenting on the launch of the Ascentric Offshore Bond, Mike Morrow, Ascentric's Sales & Marketing Director said, "The launch of this Bond adds further breadth to our proposition, and means advisers can offer their clients a cost effective Offshore Bond from a leading provider through our technology solution. Given the adviser feedback to date, we expect demand to be significant for this product."

Alan Blackburne, Head of UK Sales at Royal London 360° commented: "I am delighted that we will be working with Ascentric in administering the Ascentric Offshore Bond. This product provides a flexible investment proposition for financial advisers and their clients, particularly with the added benefits of access to our tax and trust expertise and Ascentric's technological expertise."