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November 27, 2020updated 10 Dec 2020 1:19pm

Quilter International launches new offshore bonds

By Hannah Wright

Quilter International has announced the addition of two new bonds to its offshore bond proposition – an International Wealth Bond, life version and an International Wealth bond, redemption version.

The new offshore bonds, issued in the Isle of Man, will strengthen Quilter International’s high net-worth proposition, providing a greater choice of jurisdictions for clients and advisers to situate their wealth.

Through the use of a discretionary asset manager on a full discretionary basis, the bond can access a broader selection of assets – including direct equities and bonds – than is normally permitted within a UK offshore bond.

Peter Kenny, CEO of Quilter International, commented: “The UK market continues to be a core growth market for our business. The opportunities for offshore bonds continue to grow in the UK and we are seeing rising demand for a wider choice of options.”

The new offering complements the firms existing Ireland-based European Wealth Bond range, which was upgraded in 2019 when Quilter launched an Irish redemption version of the European Wealth Bond, providing a choice between life and redemption.

Quilter International has made several recent enhancements to the Wealth Bond proposition. In October, the firm introduced greater flexibility over the appointment of discretionary asset managers and authorised custodians.

Kenny continued: “The introduction of these new products, in addition to the recent enhancements that have been made to our Wealth Bond proposition, will boost our high net worth offering. Having a compelling proposition from both Ireland and the Isle of Man broadens our range of offshore solutions, offers advisers and clients jurisdictional choice, and puts us in strong position moving forward.”

Recent insights from GlobalData’s 2020 Global Wealth Managers Survey revealed an expectation, across the industry, that the proportion of HNW investor wealth to be offshored will increase in the next 12 months. Unsurprisingly, industry individuals have attributed the trend to COVID-19 and the resultant market volatility.

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