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Scottish Friendly launches bond

Scottish Friendly has signed another partnership deal as it continues to develop products for new distribution channels.

The mutual, which employs 92 staff in Glasgow, will launch an onshore bond on the independent Ascentric and IFDL wrap platform.

The launch will provide advisers with an "open architecture" onshore bond, with Scottish Friendly responsible for the administration while the platform will manage all investment dealing and settlement.

Hugo Thorman, executive chairman at Ascentric/IFDL, said: "Scottish Friendly's administrative expertise will help us meet a growing need for these types of products."

Neil Lovatt, sales and marketing director at Scottish Friendly, added: "This announcement marks another significant step in Scottish Friendly's programme of diversifying its business. It comes on top of our recently announced record sales for 2013."

The bond will have a ­competitive 0.35% wrapper charge with no set-up costs, and will give access to over 2000 funds. There will also be "total transparency with all transactions undertaken through a cash account and unbundled charges".

The minimum investment is £10,000 and the bond is targeted at clients "with a substantial lump sum to invest and who are looking for inheritance tax planning, a tax efficient income and greater administrative efficiency when it comes to their investments".

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