Frenkel Topping snaps up investment company for £4.4m

PERSONAL injury and clinical negligence specialist Frenkel Topping Group has acquired FC Fund Managers Ltd for £4.4m.

FCFM will be renamed Frenkel Topping Investment Management Ltd and will function as a wholly owned subsidiary of the Manchester company.

The acquisition of Cornwall-based FCFM was carried out with the issue of  10,000,000 new ordinary shares of 0.5p to FCFM Group at an effective price of 44.25p per share.

Jason Granite, the majority shareholder of FCFM Group, has been appointed to the board of Frenkel Topping. He will serve as chief iInvestment officer of the company and will have additional responsibility focusing on potential investment opportunities.

Frenkel Topping says the acquisition and the appointment of  provide the company with all of the regulatory permissions and expertise necessary to build a “best in class in-house investment management business”, a service which is currently outsourced.
 
As such the company will be able to offer all clients a full investment advisory and investment management service. This is intended to facilitate growth in the company’s profitability and assets under management, on an accelerated basis.
 
Frenkel Topping chief executive Richard Fraser said: “For more than 25 years we have been a leading provider of specialist independent financial advice on the investment of personal injury damages and clinical negligence awards.

“We have built a solid business and now have in excess of £640m of assets under management. We have an excellent reputation and are trusted by our clients.
 
“Earlier this year we announced that we would be hiring additional consultants to fast track our organic growth. We have also created a regional focus with offices in Manchester, Bristol, Leeds, Birmingham, London and Cardiff.

“The acquisition of FCFM will provide a further acceleration of this growth. We have a pipeline of potential opportunities and we are focused on growing our assets under management to in excess of £1bn.”

Addleshaw Goddard’s Manchester corporate team led by partner Roger Hart, including Oliver Hincks and Jo Cooper, advised Frenkel Topping.