Wrap platform Lifetime is to launch an offshore bond, after partnering with Isle of Man Assurance Li...
Wrap platform Lifetime is to launch an offshore bond, after partnering with Isle of Man Assurance Limited (Ioma), linking through to 1,200 funds.
These are already available on Lifetime's existing Bigger Picture platform via Pep, Isa and investment wrappers.
Robert Fletcher, commercial director for Lifetime, which has Norwich Union as a major shareholder, said funds are available from 50 to 60 groups, including JPMorgan, Fidelity, Artemis, New Star, Framlington, Invesco Perpetual, Gartmore, and Schroders.
Within the offshore bond, fully integrated consolidated reporting and dealing will be available as on the Bigger Picture offering. This means intermediaries and their clients will be able to view up-to- date information on all their assets held in any of the investment wrappers available on the platform, including the offshore bond provided by Ioma.
To support the Lifetime Offshore Bond, a range of trusts to assist in estate and tax planning are being offered. These include Probate, Gift, Loan, Capital, Discounted Gift and Discretionary Will Trusts.
Fletcher said the wrap allowed advisers to move away from the traditional product focused business model and provide holistic wealth management services to clients. He argued the flexibility of the wrap, combined with the ability to set and vary the charges based on the service provided, created enhanced value for both advisers and clients.
Minimum investment in the bond is £15,000. Investors pay the underlying charge of the bond, plus an additional initial charge of 0.3% of the premium on establishment of the bond and on subsequent additional premiums. An annual management fee of 0.25% per annum on the value of the bond is charged directly by Ioma.
Fletcher said an onshore bond would be available in due course.
Offshore bond linked to IOMA.
1,200 funds available.
Minimum investment £15,000.
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