(Alliance News) - Frenkel Topping Group PLC said Tuesday its assets under management rose following an influx in new mandates as the company's interim profit doubled on a sharp rise in new business income.
At June 30, the financial adviser and asset manager's assets under management stood at GBP851 million, 12% higher than the GBP759 million recorded a year before. Frenkel's discretionary funds increased 11% over the first six months of 2019 to GBP345 million.
Frenkel added GBP44 million of new investment mandates in the first half, in line with management's expectations.
The wealth manager said all of its portfolio strategies saw positive returns in the first half.
Frenkel's first half pretax profit more than doubled to GBP596,000 from GBP282,000. Revenue increased 14% to GBP4.1 million from GBP3.6 million the year before.
Frenkel kept its interim dividend unchanged at 0.32 pence.
"I am pleased to report an excellent set of results and a period of significant progress. Despite challenging financial markets over the period, we have delivered an increase in revenue, a rise in pre-tax profit and made considerable progress against our strategic commitments," said Chair Paul Richardson.
Richardson continued: "New business income increased by 30% over the comparative period whilst client retention remained high at 98% - reflecting our ability to conservatively manage our clients' money and generate returns. Our growth has been supported by strategic investments made in developing talent and marketing which has invigorated and strengthened the business for the long term."
Richardson said Frenkel has built a "strong" platform and expects further growth as current trading is in line with management expectations.
Shares Frenkel Topping were 1.6% lower in London on Tuesday at 31.50 pence each.
Frenkel Topping (FEN)