FundsNetwork is adding an offshore portfolio bond to its platform.
Advisers will be able to invest from April in over 1,000 mutual funds from 55 providers through the new wrapper with no initial charge.
There is no switching fee applied when switching between funds within the bond and the bond is integrated into the platform’s online client management tools and services.
The offshore bond will be added to the range of tax wrappers, including FundsNetwork’s Sipp and onshore investment bond, and will offer IFAs full commission flexibility.
Head of FundsNetwork David Dalton-Brown says: “Advisers asked us for a tax-advantageous vehicle that incorporated all the funds and services they already enjoy from FundsNetwork so we have built it. The new international bond will offer all this and more.
“Extending the range of pro-duct wrappers has been key to opening new markets. With nearly $1bn flows into our newer life and pension wrappers in little over 12 months, the appetite for holding mutual funds in tax-advantaged wrappers on the platform is evident.”