Fidelity FundsNetwork has teamed up with Standard Life International to introduce an international offshore bond onto its platform from April.
It says the new product, the International Portfolio (offshore) Bond, will complement its existing investment bond and self-invested personal pension (Sipp) wrappers, and will allow advisers to invest money in more than 1,000 mutual funds from 55 providers.
The move follows the fund supermarket’s decision last week to enter into the trust and estate planning arena by making three new bare and discretionary trust options available on its platform.
David Dalton-Brown, head of FundsNetwork, argues having onshore, offshore and pension wrappers alongside the new trust proposition means the company is now offering a full service proposition by providing advisers with both product and tax wrappers.
FundsNetwork believes one of the main features of the new offshore bond will be its transparent charging structure, as access to any of the 1,000 mutual funds on the platform are available at no initial charge for dual price funds, albeit it admits there may be an additional bid-offer spread to pay.
In addition, the firm says there is be no switching fee between funds within the bond, while the new product will be integrated into the platform’s online client management tools and services, and it adds the product will have full commission flexibility to give advisers a range of remuneration options.
Dalton-Brown says the offshore bond has been launched in response to requests from advisers for a “tax advantageous vehicle” which incorporates all the funds and services available on the platform.
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