Strictly embargoed until 07.00, 02 October 2017
Frenkel Topping Group plc
("Frenkel Topping" or "the Company")
Directorate Appointment and Board Change
Frenkel Topping Group plc (AIM: FEN) is pleased to announce the appointment of Paul Richardson as Executive Chairman of the Company with immediate effect. Jason Granite will continue to serve as Chief Investment Officer and a Non-Executive Director.
Paul has over 20 years of experience in financial services, predominately in the UK private banking sector. Paul 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. He went on to design and successfully execute a change management programme, and subsequently rolled this model out across all client facing units. Since then, Paul has held roles at Barclays Wealth and Helvetia Wealth AG, where he served as director and managing director, respectively. Most recently, Paul 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. Paul is an admitted solicitor with a post graduate degree from the College of Law at Guildford.
Jason Granite, Chief Investment Officer of the Company, commented:
"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. We as a Board welcome Paul and believe that his appointment, together with the recently announced appointment of Stephen Bentley as Finance Director, give the Board the perfect balance to drive the business towards its medium term targets."
The following information regarding the appointment of Paul Donald Richardson, aged 51, is disclosed under Schedule 2(g) of the AIM Rules for Companies:
Current directorships and/or partnerships: |
Former directorships and/or partnerships (within the last five years): |
WellChild Trust Trustee |
Chatom Capital LLP |
Kingsdown TV Ltd |
Chatom (P&R) Ltd |
E-giving Ltd |
Air Partner (India) Ltd |
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Air Partner AG |
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Chatom Ltd |
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Maddox Capital Advisors Ltd |
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Invest Africa Ltd |
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Helvetia Wealth AG |
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Air Partner Plc |
Paul Richardson has no shareholding in the Company.
There are no further disclosures required under Schedule 2(g) of the AIM Rules for Companies.
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
For further information:
Frenkel Topping Group plc Jason Granite, Chief Investment Officer |
www.frenkeltopping.co.uk |
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Tel: 0161 886 8000 |
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finnCap Ltd |
Tel: 020 7220 0500 |
Adrian Hargrave / James Thompson / Alex Price |
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Tony Quirke |
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Walbrook PR Ltd |
Tel: 020 7933 8780 or [email protected] |
Paul McManus |
Mob: 07980 541 893 |
Nick Rome |
Mob: 07748 325 236 |
About Frenkel Topping: www.frenkeltopping.co.uk
Frenkel Topping provides specialist independent financial advice focussed on asset protection for clients. The specialist independent financial adviser has a market leading position providing advice and fund management services for personal injury trusts and clinical negligence awards and is well placed to provide services to a wider customer base.
The Company provides a range of wealth management services including bespoke investment portfolios, financial and tax planning. It is focused on increasing its assets under management by growing the number of fee earners who are qualified to provide benefits protection for a variety of needs as the Company adds to its personal injury and clinical negligence specialism.
It has a national presence with offices in Manchester, Birmingham, Cardiff, London and Leeds and has relationships and infrastructure in place to further grow its reach and target markets.
