Close Private Bank, the Channel Islands-based subsidiary of Close Brothers, has launched a new offshore retirement and savings plan called C...

Close Private Bank, the Channel Islands-based subsidiary of Close Brothers, has launched a new offshore retirement and savings plan called Close Opes. The new plan is designed to offer an alternative to single premium bonds and offshore trusts.

“It is the next evolutionary step in 21st century wealth management,” said Rex Cowley, director of products and services at the firm.

He added: “It consolidates many of the individual advantages of offshore life, trust, banking and collective offerings under a single wrap and, importantly, we have incorporated the benefits associated with international pensions.”

According to the bank, Close Opes offers advisors and clients a choice of either a saving or retirement plan, both of which are available in sterling, US dollars or euros. Investors can choose to invest in multi-rate base rate tracker accounts or select an investment strategy.

There are four strategies at present: cautious; neutral; balanced; and growth. They are all multi-asset, multi-manager and multi-style. They invest in equities, bonds, property, money markets, hedge funds and other alternatives.