AXA launches new International Portfolio Bond

AXA has launched a new International Portfolio Bond from its offices in Dublin, marking the start of the expansion programme that was announced in 2008.

AXA is dominant in providing sales to UK customers from its AXA Isle of Man base. Building on its reputation as the leading offshore, AXA Isle of Man is now partnering with its sister Dublin regulated entity, AXA Life Europe, to allow it to offer greater choice to advisers and customers seeking an offshore solution.

The first product to be offered is the International Portfolio Bond. It has been based on the award winning AXA Isle of Man Evolution Bond, and will be further adapted to cater for clients resident in various European countries in the future.

The new Dublin-based product therefore represents an alternative to the existing Isle of Man based bond but furthermore offers particular appeal to UK residents that are domiciled in European countries and those with intentions to move to Europe in the future. The new setup will also pave the way for new product launches and services in other parts of the world.

The International Portfolio Bond is a single premium whole of life investment bond designed for medium to long term investment. When setting up the bond a client has various choices as to what their package entails, including drip-feeding, portfolio rebalancing, investment choices (both AXA and external funds) and alternative currencies.

As it is a non income producing asset, no income or gains arise on an annual basis. This means that there will be no remittance until a chargeable event is triggered. In addition, if an EU domiciled individual wishes to repatriate to their country of origin in the future, an EU based bond may be treated more favourably than a non EU product.

Clients and their investment advisors will have access to an online facility providing full information with regard the investment including daily valuations, full transaction analysis and fund analysis together with ability to switch investments online.

Kevin Dean, CEO, AXA Isle of Man, said: "AXA Isle of Man partnership with AXA Life Europe provides advisers with choice and flexibility in the offshore market. The launch of the International Portfolio Bond will take advantage of AXA Life Europe's position as a gateway to the EU. It bridges the gap in the current AXA offering for the UK market and marks the beginning of development plans to expand further into Europe."