UK-based Ascentric, the independent wrap platform, has unveiled the Ascentric Offshore Bond, aimed at those seeking the tax benefits of investing offshore.

The firm said the bond combines the technical expertise of Isle of Man-based Royal London 360° - through which the bond is administered - with Ascentric’s online functionality. It is therefore compatible with a number of Royal London’s trusts, such as the Select Discounted Gift Trust, which is designed to reduce the value of an individual’s estate for UK inheritance tax purposes.

Additional features include: an open architecture format, the opportunity to invest immediately upon policy inception, and access to a range of funds from numerous market sectors, with income distributed on a gross basis. 

Overall, the firm now offers five offshore bonds, available via the firm’s wrap platform and product partners.

In other news, in March Ascentric hit £4 billion ($6.3 billion) in assets under administration, after having added close to 50 advisor firms since the start of 2012.