Axa Wealth International has introduced a new offshore bond in the UK offshore market in a bid to provide investors with investment options.
Called Delegation, the new product will offer investment options those which are not generally permissible for UK tax purposes, because the investment management is delegated to an external manager, International Adviser reported.
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Through this offering, the discretionary manager, who acts on behalf of the client, will be able to invest in assets such as direct equities and bonds, derivatives, government and corporate debt and medium term notes.
The new product, which will be distributed through AXA Wealth’s Dublin jurisdiction, will also provide a client base for the offshore portfolio bond by combining the tax deferral benefits of a conventional portfolio bond with access to asset choice.
Simon Willoughby, head of proposition for AXA Wealth and architect of the new single premium product, said: "The launch of Delegation represents one of the most significant new product developments in the UK offshore market for several years and we believe it signposts the next phase in the evolution of the offshore portfolio bond.
"By allowing the bond to be taxed like a usual offshore bond while investing in assets other than mutual funds and deposit accounts, we are giving customers greater asset diversity options managed by investment management experts," Willoughby added.
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