Changes at the top for Frenkel Topping
Salford Quays-based independent financial adviser and asset protection specialist Frenkel Topping Group has appointed Paul Richardson as executive chairman, replacing Jason Granite.
Granite, meanwhile, will become chief investment officer and a non-executive director.
Richardson, who has over 20 years of experience in financial services, spent 6 years at Coutts & Co, ultimately as head of London Private Banking, where he was responsible for £16bn Assets under Management and played an integral part of the team that delivered record net profit growth.
Since then, he has held roles at Barclays Wealth and Helvetia Wealth AG, where he served as director and managing director, respectively.
Most recently, Richardson has been performing a CEO role at Invest Africa Ltd, where he was managing the development of long term strategies and structures to diversify revenues and refocus the business model to scale and to grow.
Granite said: “The past two years has seen a step change at Frenkel Topping; we have grown assets under management by 17% to £778m, launched our own discretionary fund management business, increased revenue by 34% and are on track to triple the operating profit of the firm between 2016 and 2017.
“We have built a highly cash generative business with cash balances of £5m, acquired a new head office, implemented new systems and processes across the business and grown the team to 59 people. I am extremely proud of what we have achieved over this period but I am more excited about the future. This is reflected in the recent increase in my own shareholding in the company and that of the previously announced concert party connected to myself.
“I am excited because Paul, as executive chairman, has the experience and track record in the wealth management industry to take Frenkel Topping to the next level and achieve the growth in shareholder value that we are all committed to.”
In July the company said it was on target to more than double operating profits,after refocussing its efforts on growing assets under management having ditched its plans for a sale in June.
Revenue grew to £3.9m for the for the six months to the end of June, with recurring revenue representing 81% of that total, while half year pre-tax profits hit £1m (2016: £300.000). Total assets under management (AUM) increased to £765m (2016: £687m).