The new bond is described as a vehicle providing a range of trust, tax and business planning advantages and clients can have their investments managed on a discretionary or an advisory basis.

The type of investments that can be held within the bond include unit and investment trusts, open-ended investment companies, exchange-traded funds and SICAVs.

Separately, Raymond James Financial, RJIS's US-based parent group, recently reported $363 billion in assets under administration at the end of May, up from $282 billion a year earlier.