Interim profits halve at Frenkel Topping
FRENKEL Topping, a specialist independent adviser on the investment of personal injury damages, has seen its half year pre-tax profits slashed, despite maintaining turnover.
The company kept turnover steady at £2.86m (2015: £2.94m) for the six months ended 30 June 2016. However pre-tax profts fell 54% to £262,000 (2015: £568,000).
The Manchester-headquartered business said the decline reflected a change in business model following last year’s acquisition of FC Fund Managers, which was renamed FTIM.
This change means investment management is no longer wholly outsourced to third parties and in May the company started migrating funds across to FTIM, which will now act as the appointed discretionary fund manager for the firm’s clients.
Frenkel Topping said that it expects the benefits of the new strategy to feed through more rapidly during the second half, now that the migration of funds has commenced.
Jason Granite, executive chairman of Frenkel Topping, said: “The growing number of fee earners should benefit from the increased product offering and ability to target a wider retail customer base and we are well placed to build on the momentum created during the first half.
“Having laid the foundations for growth during the period the Company remains on track to double 2015’s operating profitability by 2017.”
Frenkel Topping has around £687m assets under management, has additional offices in London, Birmingham, Leeds Cardiff and Bristol, with 20% of assets under management now coming from outside its Manchester base.
