Business
Correction: Trading and strategy update
Correction: Trading and strategy update.
About this update from Frenkel Topping Group Plc
[{"type":"text","content":"\n \nRNS Number : 9961M Frenkel Topping Group PLC 26 January 2016 \n\nCorrection: Trading and strategy update and notice of results\n \nThis announcement replaces the Company's announcement issued under RNS number 7879M at 7am on 25 January 2016 (the \"Previous Announcement\"). The Previous Announcement stated that the Company acquired FC Fund Management in 2015 whereas in fact it acquired a subsidiary of FCFM Group Limited named FC Fund Managers Limited. The full amended announcement is set out below. All other details remain unchanged.\n \n \nFrenkel Topping Group plc\n(\"Frenkel Topping\" or \"the Company\")\n \nTrading and strategy update and notice of results\n \nFrenkel Topping (AIM: FEN), a specialist independent financial advisor and asset manager focussed on asset protection for vulnerable clients, provides the following update in relation to trading for the financial year ended 31 December 2015 and group strategy following the acquisition of FC Fund Managers in 2015.\n \nDelivery on strategy for 2015\nThe Company's strategy for 2015 was to continue to grow the business through increasing the number of fee earning consultants and expanding Frenkel Topping's geographic reach. The addition of new consultants during 2015 brought the total to 14 with the Company opening offices in London, Birmingham, Leeds, Cardiff and Bristol. This strategy has been a success with the new consultants already covering their costs through additional fee income over the months since joining with the additional Assets under Management (\"AUM\") they have brought to the Company providing recurring revenue for future years. The Company intends to add additional consultants selectively over the course of 2016.\n \nOn 1 September 2015 the Company acquired the entire share capital of FC Fund Managers Limited, renamed Frenkel Topping Investment Management Limited (\"FTIM\"). This gave the Company an FCA regulated vehicle with appropriate permissions to establish and offer an in-house investment service. The Company has submitted a new regulatory business plan to the FCA and subject to the receipt of approval to this business plan the Company expects to be able to provide full scope discretionary fund management (\"DFM\") services to its retail clients. These services were previously outsourc...