Business
Appointment of Portfolio Research Partner
Appointment of Portfolio Research Partner.
About this update from Frenkel Topping Group Plc
[{"type":"text","content":"\n \nRNS Number : 1162E Frenkel Topping Group PLC 07 February 2018 \n\nFrenkel Topping Group plc\n(\"Frenkel Topping\" or \"the Company\")\nAppointment of Portfolio Research Partner and Related Party Transaction\nChange of subsidiary name\nFrenkel 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\").\nAs 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.\nWellian 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 pa...