SCOTTISH Friendly is marking its 150th anniversary in Glasgow today with a new 'dynamic' logo and a promise to continue the innovation that has driven its growth in the past six years.

Scotland's biggest mutual will report at its annual meeting a 20% rise in life and pension sales last year to £13.7 million and a £3m rise in funds under management to £808m.

A year ago chief executive Fiona McBain was unveiling a 50% sales rise and more spectacularly a jump from £2.3 billion to £4bn in assets administered for the likes of Aviva on its wrap platform.

The sale of the business six months later to Citi included the transfer to the US bank of two offices and 134 staff, taken on by the group in its rapid expansion of the subsidiary, leaving Scottish Friendly with 100 in its Blythswood Square headquarters.

Ms McBain told The Herald that the sale marked a "very successful completion to that chapter".

He added: "We are already on our next chapter now.

"The emphasis is very much on organic – new products and distribution channels, new partnerships and customers.

"The e-commerce channel has already brought significant success, we have created new products for that, we are trying to get the best of both worlds in pretty much everything we do."

Ms McBain said this year's changes in the advisory market would help bring "real opportunities for our traditional savings plans, Isas and pensions, combining with social media to offer simple accessible products for investors".

Scottish Friendly has seen online sales boom in the past year, jumping from 10% to 50% of business, and already reaps over 60% of sales from its partnerships with groups such as Royal London, Admiral, and Forces Financial.

Now the group is poised to build on its wrap business reputation by supplying online savings products to "major household names".

Ms McBain said. "Big names will consider launching products through us rather than trying to do it themselves through their long timescales."

However, Ms McBain said that the mutual will continue to serve its original market.

"Scottish Friendly has a real role in giving people access to savings of £10 a month.

"We don't want to turn our back on that."

She said direct marketing and administration efficiencies had kept its traditional with-profits savings plans competitive, but the society was refreshing the offering to get to new customers.

The chief executive, who has been in the post since 2006, said that the wrap episode had given Scottish Friendly a new credibility in the financial services market.

"It opened doors to us, and enabled us to retain a stronger management team and skill-set. It is important people see there is still a lot of innovation and dynamism going on."

Chairman Michael Walker will today tell the meeting: "As we celebrate our 150th anniversary, and given the particularly volatile times over recent decades within the financial services industry, it is a testament to Scottish Friendly that it has continued to deliver tangible benefits for members and is now Scotland's largest mutual life office."