Friends Provident International has launched a new version of its Reserve portfolio bond, available on both a whole-of-life and capital redemption basis.

Friends Provident International has launched a new version of its Reserve portfolio bond, available on both a whole-of-life and capital redemption basis. It can be held by individuals and corporate customers, including trusts, resident outside the United Arab Emirates, Hong Kong and Singapore.

New Reserve introduces two brand new charging structures – “annual policy charge” and a “ten-year establishment charge” - in addition to the existing charging options.

New Reserve customers will also benefit from reduced, fixed administration charges. Customers choosing the annual policy charge option, and making an initial investment of £500,000 (or currency equivalent) and above, can invest without incurring any fixed administration charges.

The firm said that fully authorised versions of the new Reserve bond will be rolled out in the near future in each of its core markets.

Friends Provident International in July promoted James Tan to the role of managing director, the first time that the MD of this business has been based in Asia. He will continue to be based in Hong Kong. Tan’s appointment marks the first time that the managing director of the business has been based in Asia.