Frenkel Topping Group plc
("Frenkel Topping" or "the Company")
Appointment of Portfolio Research Partner and Related Party Transaction
Change of subsidiary name
Frenkel Topping (AIM: FEN), a specialist independent financial advisor and asset manager focused on asset protection for vulnerable clients, announces the appointment of Wellian Investment Solutions Limited ("Wellian") as its portfolio research partner and the change of name of Frenkel Topping Investment Management Limited to Ascencia Investment Management Limited ("Ascencia").
As announced on 15 December 2017, the Company has not appointed a replacement Chief Investment Officer, but is running an investment committee from within FTIM (now Ascencia). As part of this new structure, the Company has decided that it is appropriate for the Company to outsource part of its portfolio research element of its investment management services and has today appointed Wellian as this outsourced provider. Frenkel Topping has agreed to pay Wellian a fee relating to the size of the relevant discretionary assets under management of Frenkel Topping, being currently approximately £250 million of the £300 million total discretionary assets under management. As volumes of funds managed by FTIM (now Ascencia) increase, the percentage fee payable to Wellian will reduce. The Directors expect this to be a significant cost reduction compared to hiring a new chief investment officer whilst also significantly expanding Frenkel Topping's asset management capabilities due to the broader range of products available, the deeper knowledge of the Wellian team and the ability to add scale to Frenkel Topping. Furthermore, the Directors believe that this relationship will not only assist in scaling Ascencia more efficiently, but also its Obiter platform, which has recently been launched as announced on 20 December 2017 and its core personal injury clinical negligence business.
Wellian is a wholly owned subsidiary of Harwood Wealth Management Group plc ("Harwood Wealth"). Funds managed by Harwood Capital LLP hold both an interest of more than 30 per cent. in Harwood Wealth and an interest of approximately 18 per cent. in the capital of the Company. Therefore Harwood Wealth and Wellian are deemed to be related parties of Frenkel Topping pursuant to the AIM Rules for Companies.
The Directors of Frenkel Topping consider, having consulted with the Company's nominated adviser finnCap, that the appointment of Wellian is fair and reasonable insofar as the Company's shareholders are concerned.
For further information:
Frenkel Topping Group plc Paul Richardson, Executive Chairman Richard Fraser, Chief Executive Officer |
www.frenkeltopping.co.uk Tel: 0161 886 8000 |
Stephen Bentley, Finance Director Mark Holt, Commercial Director |
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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.
