LONDON (Alliance News) - Financial adviser and asset manager Frenkel Topping Group PLC on Wednesday said its assets under management have grown since the start of 2016 and it is on track to meet its profit growth targets.
Frenkel Chairman David Southworth, in comments given to the company's annual general meeting, said the group now has GBP674.0 million in assets under management, up from GBP666.0 million at the end of December.
Southworth added the company's growing regional presence is also paying off, with around 20% of its assets under management coming from outside its base in Manchester.
Southworth added that the group secured Financial Conduct Authority permissions in March to act as a discretionary investment manager, and this will yield higher margins and accelerated profit growth from 2017 as the group migrates funds and benefits from providing a wider product portfolio to a potentially larger customer base.
He added Frenkel's expectation to double operating profit from that made in 2015 in the 2017 financial year remains on track.
Shares in Frenkel were up 0.4% to 46.70 pence Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Frenkel Topping (FEN)