Business
Frenkel Topping JV with Truly Independent
Frenkel Topping JV with Truly Independent.
About this update from Frenkel Topping Group Plc
[{"type":"text","content":"\n \nRNS Number : 1311D Frenkel Topping Group PLC 17 February 2020 \n\nLEI 213800I5L3K7AT7A4R20 \n \n \nFrenkel Topping Group plc \n(\"Frenkel Topping\" or the \"Company\") \n \nFrenkel Topping establishes Joint Venture with Truly Independent\nAscencia extends DFM services to external IFAs with its first partnership\nFrenkel Topping, the specialist independent financial advisor and asset manager focused on asset protection for vulnerable clients, is pleased to announce it has established a 50:50 joint venture between Ascencia Investment Management (\"Ascencia\"), the Company's Discretionary Fund Manager (DFM) and Truly Independent Ltd (\"Truly\"), a firm of Independent Financial Advisers (the \"Joint Venture\"). The Joint Venture will be named Truly Asset Management.\nAs part of the Joint Venture, Ascencia will provide DFM services to Truly's 50 Registered Individuals and thereby, for the first time, will broaden its DFM distribution to external IFAs. The Company expects this partnership will support the growth of its future AUM. \nAscencia was launched in 2016 and over the last three years it has provided Frenkel Topping's own advisers with DFM services and performed positively. For the year ended 31 December 2019, Ascencia delivered a robust performance and assets were up strongly by 31% to £399m (as at 31 December 2018: £302m), reflecting confidence in its investment stewardship.\nRichard Fraser, CEO of Frenkel Topping, said:\n\"We are delighted to have established a joint venture with Truly Independent, a business with a strong 10 -year track record, national presence and a firm commitment to putting customers first. Ascencia has gone from strength to strength, delivering positive performances over the last three years and has demonstrated it can generate real yield, which is particularly important if clients are in draw down. Broadening our DFM distribution to the external IFA marketplace is in line with our strategy and a logical next step to take Ascencia to the next stage of growth.\"\nAndrew Goodwin, CEO of Truly Independent, said:\n\"We are excited to be working with Frenkel Topping. We share the same values and ethos of placing customers and their interests at the heart of everything we do. Ascencia's positive performances, ability to generate real ...