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You own the Portfolio Bond and the financial institution owns the underlying asset which may be any number of worldwide mutual funds, bonds, shares, hedge funds, etc. Since the financial institutions purchases a fund under your instruction but in its own name, you effectively buy with the purchasing power of a billion pound investor, resulting in massive savings on initial charges that are passed on to you the investor. On Scottish Widows Int'l in particular, this discount means that you buy most funds at no initial charge. Since the bond is based in an offshore jurisdiction, all growth inside the bond is tax free . Importantly most countries provide valuable personal tax breaks for their residents using this wrapper that cannot be found with direct fund holdings.