(Alliance News) - Frenkel Topping Group PLC said Monday it has established an equal joint venture between its Discretionary fund manager, Ascencia Investment Management, and financial adviser Truly Independent Ltd.
The venture will be called Truly Asset Management.
Frenkel - which offers financial advice and asset management services - said the new company will see Ascencia offer Discretionary fund management services to Truly customers.
Frenkel said the partnership will supports its asset under management growth.
Ascencia - a wholly owned subsidiary of Frenkel - was launched in 2016 and over the last three years has provided Frenkel with DFM services and performed "positively", Frenkel said.
In 2019, Ascencia delivered a "robust" performance and assets were up by 31% to GBP399 million.
Frenkel Chief Executive Richard Fraser said: "We are delighted to have established a joint venture with Truly Independent, a business with a strong 10 -year track record, national presence and a firm commitment to putting customers first. 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 draw down.
"Broadening our DFM distribution to the external Independent Financial Adviser marketplace is in line with our strategy and a logical next step to take Ascencia to the next stage of growth."
Shares in Frenkel Topping were up 2.4% in London on Monday at 42.50 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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Frenkel Topping (FEN)