Frenkel Topping sets sights on £1bn assets under management

Salford Quays-based independent financial adviser and asset protection specialist Frenkel Topping Group is targeting assets under management of £1bn

The AIM-listed company said its year-end profits of £1.5m – the same as last year – will meet expectations, but its ambition is undimmed.

Its assets under management (AUM) grew to £745m in the year to December 31, and in May, 2016 a discretionary mandate with Frenkel Topping Investment Management amounted to £253m with further growth anticipated over the first half of 2017. 

Closing cash at period end amounted to £1.2m (2015: £4.5m), after the payment of £0.7m in dividends, £1.1m into purchasing the new head office building and £3m in investments.

“The board is also pleased to announce that it has completed the refurbishment and has moved into its new head office building in Manchester (Salford Quays),” a statement said.

“The board believes the purchase of the building will be an excellent working area to attract and retain employees and it give the group scope for expansion as it continues to work towards its target of £1bn of AUM.

“The performance during 2016 has reflected the board’s focus to develop Frenkel Topping’s ability to gear up to manage increased AUM, including those on a discretionary mandate with FTIM.” 

“The group’s surplus capital, held in cash and investments has been redeployed into an investment vehicle which is expected to generate a minimum 10% return throughout 2017.  The group will continue to seek to generate a return from the cash that it generates during 2017.”

During the year the board welcomed Mark Richards as non-executive director and Mark Holt as commercial director, respectively expanding the board’s experience of the financial services industry and large complex claims, the company said.