Old Mutual International, part of Old Mutual Wealth, has launched a new bond in the UK, called the Select Bond.

The company hopes the product will help boost the appeal of offshore bonds to a new, wider audience.

Peter Kenny, managing director, Old Mutual International, said: ’I am incredibly proud to be launching the new Select Bond in the UK.

’The compelling proposition offers simplicity, with just one simple and competitive charge, and greater control and efficiency, with improved online functionality.

’This new breed solution will make offshore bonds appeal to a new audience, and complements our existing range of offshore solutions.’

Tom Hawkins, head of UK Proposition, Old Mutual Wealth, said: ’At a time when saving for retirement is heavily on people’s minds, and the amount of tax allowance some people receive has reduced, we are seeing growing demand for alternative solutions which help investors save tax efficiently for their retirement.

’Offshore bonds can help advisers meet this demand, and simple online solutions which provide access to quality investment funds at a competitive price will be attractive.’

Richard Hulbert, Insight Analyst, Defaqto, said: ’With the quality and number of product features and benefits now available, it is more difficult than ever to choose the right product for clients.

’The Select Bond demonstrates a high level of comprehensiveness and a strong competitive position among the other adviser propositions on the market.’

The new bond focuses on three core areas of improvement:

lSimplicity: one simple, transparent and competitive charge with no initial, dealing or transaction charges.

lControl and Efficiency: enhanced portfolio management capability available through Old Mutual International’s Wealth Interactive platform.

lAccess: lower premiums, which will open up offshore bonds to more customers.

The Select Bond will enable investors to access the same fund range as Old Mutual Wealth’s onshore products.

This includes the SelfSelect range of 1,300 funds from across all major asset classes and the WealthSelect* range of funds, providing choice and flexibility.

WealthSelect is a range of fully researched funds from market-leading asset managers providing access to high quality funds at a competitive price.

Advisers can use any of these funds to build and manage their own model portfolios, or select from the range of multi-asset solutions available from Old Mutual Global Investors’ Multi-Asset team.