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Friends adds two SRI funds to bond

Friends Provident is adding two socially responsible funds, the Ecotec and Stewardship international funds, to its lump-sum Investment Portfolio bond.

The Ecotec fund is managed by Mark Thompson and Robert Pemberton at Friends&#39 investment arm Isis Asset Management. It invests in smaller companies in the global environmental technology sector, which offer long-term growth potential.

Holdings in the fund include renewable energy, water management, fuel cells and recycling. The fund does not supply any ethical screening to holdings but invests in stocks which its managers say have a positive long-term impact on the environment.

The Stewardship International fund is described as a medium to high-risk ethical investment fund that invests in companies that pass through a rigorous ethical screening process.

Investors in the Investment Portfolio bond pay an annual management charge of 1.25 per cent a year, with no initial charge.

Standard commission is 5.25 per cent but IFAs who submit business online during the special offer period, which runs until January 31, 2003, will get an additional 0.5 per cent initial commission. IFAs can take reduced initial commission of 3.25 per cent plus 0.5 per cent renewal.

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