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I am a friend, embracing one in grand manner (10)

Ross

I believe the answer is:

imperially

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'i am a friend embracing one in grand manner' is the definition.
I can't tell whether this definition defines the answer.

'i am a friend embracing one' is the wordplay.
'i am' becomes 'I'm' (contraction).
'a' becomes 'per' (eg 'one a day' means 'one per day').
'friend' becomes 'ally' (an ally is a friend or supporter).
'embracing' means one lot of letters goes inside another.
'one' becomes 'i' (Roman numeral).
'per'+'ally'='perally'
'perally' placed around 'i' is 'perially'.
'im'+'perially'='IMPERIALLY'

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I've seen this clue in The Times.
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