Frenkel Topping Share News (FEN)

(ShareCast News) - Frenkel Topping saw assets under management increase despite the uncertainty surrounding Brexit as it continued to focus on migrating some of its clients to its new proprietary fund management platform.The specialist independent financial advisor and asset manager reported a 3.1% rise in assets under management as at 30 June to hit £687m.Progress on moving some of its clients, where appropriate, to its new proprietary fund management platform, continued.With the migration having started to gather pace, management said it was still intent on hitting its target of reaching AuM of £350m by the end of the 2016.Management said it was on track to meet its previously provided target of doubling its operating profits between 2015 and 2017 to over £3m.Notwithstanding these additional costs in excess last year, we expectOperating profit for 2016 would be marginally ahead of the equivalent 2015 period of £1.5m, the company said in a statement, despite increased staffing linked to the migration process.In parallel, the existing Director Incentive Scheme was cancelled and replaced by share option grants tied to performance targets."This revised scheme will ensure that any increase in value of the Company, especially when accompanied with an Exit Event, will result in greater value for shareholders than if the Growth Share Scheme remained in effect," Frenkel said.Those Directors receiving share options agreed to forego their salaries for the second half of 2016, as the company transitioned to a full-service advisory and investment management firm so as to demonstrate their commitment to its long-term future."The overall impact on shareholder value is positive today and significantly beneficial if the company achieves its growth plan over the coming months and years," analyst Duncan Hall at FinnCap said in a research note sent to clients.Lastly, Mark Richards, ex-Barclays International CFO and Barclays Group strategy director, was appointed as a new non-executive director, and Mark Holt as commercial director.Shares of Frenkel Topping ended the session 1.09% higher at 46.50p.