LONDON (Alliance News) - Frenkel Topping Group PLC on Tuesday said it has struck a deal to buy FC Fund Managers Ltd from FCFM Group Ltd for GBP4.4 million in shares.
Frenkel will issue 10 million shares at 44.25 pence per share to cover the consideration. Shares in the company were untraded on Tuesday, having last traded at 44.12 pence.
Frenkel, which provides financial advice on the investment of personal injury damages and clinical negligence awards, said FC Fund Managers will be renamed Frenkel Topping Investment Management Ltd following the deal.
It added that Jason Granite, the majority shareholder in FCFM Group, will join Frenkel as chief investment officer following the deal.
Frenkel said it will use FC Fund Managers as a base to build an investment management business and said the acquisition will allow it to offer a full investment advisory and investment management service to its clients.
"As we grow, we also want to offer our clients a full investment advisory and investment management service; the acquisition of FCFM, and appointment of Jason Granite provides us with all of the regulatory permissions and expertise necessary to build a best in class in house investment management business, a service we currently outsource," said Frenkel Topping Chief Executive Richard Fraser.
"We believe that over the coming years this will be a strong contributor to our revenue and bottom line," Fraser added.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Frenkel Topping (FEN)