(Sharecast News) - Financial advisor and asset manager Frenkel Topping announced on Monday that it had established a 50/50 joint venture between Ascencia, its discretionary fund manager, and financial advisory business Truly Independent.
Frenkel said its new joint-venture would be named Truly Asset Management and will provide discretionary fund management services to Truly's 50 registered individuals - broadening its DFM distribution to external independent financial advisers for the first time.
The AIM-listed company expects the partnership will support the growth of assets under management in the future.
Chief executive Richard Fraser said: "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 drawdown.
"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."
As of 1015 GMT, Frenkel Topping shares were up 2.17% at 42.40p.
Frenkel Topping (FEN)24 May 2024 15:54