Finance firm creates joint venture to extend services to external IFAs

Richard Fraser

Salford-based financial services firm Frenkel Topping has established a 50:50 joint venture.

It is between Ascencia Investment Management, the company’s discretionary fund manager, and Truly Independent, a firm of independent financial advisers, named Truly Asset Management.

As part of the joint venture, Ascencia will provide discretionary fund manager services to Truly’s 50 registered individuals and, so, for the first time, will broaden its discretionary fund management distribution to external IFAs.

The company expects this partnership will support the growth of its future assets under management.

Ascencia was launched in 2016 and over the past three years has provided Frenkel Topping’s own advisers with discretionary fund management services and performed positively.

For the year ended December 31, 2019, Ascencia delivered a robust performance and assets were up strongly by 31% to £399m – as at December 31, 2018: £302m – reflecting confidence in its investment stewardship.

Frenkel Topping chief executive, Richard Fraser, said: “We are delighted to have established a joint venture with Truly Independent, a business with a strong 10-year track record, national presence and a firm commitment to putting customers first.

“Ascencia has gone from strength to strength, delivering positive performances over the last three years and has demonstrated it can generate real yield, which is particularly important if clients are in draw down.”

He added: “Broadening our discretionary fund management distribution to the external IFA marketplace is in line with our strategy and a logical next step to take Ascencia to the next stage of growth.”

Andrew Goodwin, chief executive of Truly Independent, said: “We are excited to be working with Frenkel Topping.

“We share the same values and ethos of placing customers and their interests at the heart of everything we do.

“Ascencia’s positive performances, ability to generate real yield, together with a positive approach to ethical investing were key considerations in choosing them as partners.

“Working with Ascencia and adding discretionary fund management to our offering, Truly Asset Management will be able to expand the range of highly-secure and price-conscious services we can offer, while at the same time supporting our ambitions of growing the business.”