Obviously, those results are not the news investors and portfolio holders are happy to hear. Yet, the company financial position and reserve remain strong as they ended 2008 with £850m of cash reserves.

Its chief executive, Trevor Matthews remains positive:

We’re quite pleased with our overall results; this is quite a difficult market. We are cutting costs, we’re concentrating on developing our key business lines both here and overseas so we can take advantage when the markets do turn. We believe we’re in a strong position at the present time.

So to summarize, FP is not in the best of health, but its bottom line remains strong. For those who seek further reassurance, they will be happy to hear that FPI is following the Isle of Man’s Life Assurance (Compensation of Policyholders) Regulations 1991. Hence they are in the same position as Royal Skandia, who addressed this problem in their Open Letter back in October. If you want to know more, feel free to follow the link and read the protection the Isle of Man provides.

The 5 mirror funds are as follows:

DWS Invest Africa this is FPI’s first venture on to this continent where markets are being driven by strong macro factors, which are likely to persist. The trend to political and economic stability, improved business confidence and a willingness to invest makes this an exciting investment proposition for those who want to buy into the nascent pan-African development cycle.

Sarasin EmergingSar – New Frontiers, FPI has bolstered its emerging market offering with the addition of this fund, which invests predominantly in countries that are at an early stage of development even by the standards of emerging markets.

DWS Invest Global Infrastructure concentrates on companies that stand to benefit from infrastructure spending, the fund invests in 4 key themes: Transport: including roads, airports, seaports, rail; energy: particularly through companies which specialise in gas and electricity transmission, distribution and generation; water: irrigation, portable water, waste treatment; and communications.

Castlestone Aliquot Agriculture offers investors an actively managed and diversified exposure to agriculture, water, alternative energy and livestock futures contracts and is a theme that is set to demonstrate continued interest given global demographic trends.

Castlestone Aliquot Commodity offers a diversified exposure to commodities futures contracts including energy, precious metals, livestock, industrial metals, alternative energy, water and agriculture. This fund can act as a hedge in a multi-asset portfolio as well as providing defence against a wide range of economic and political uncertainties.

Commenting on the launch, Jim Henning, funds marketing and research manager at Friends Provident International said:

These new fund additions offer relatively low correlation to conventional equity investment whilst offering attractive long term potential for the future. Combined with the recent launch of our on-line portfolio planning tool, Dynamic Portfolio Planner International, we remain committed to offering advisers sufficient fund choices and support to weather the unprecedented market turbulence.