Specialist advice firm Frenkel Topping has grown its assets under management to approximately £640m during the first quarter, compared to £619m at the end of last year, spurred on by increased geographical reach.
Speaking at the firm’s Annual General Meeting later this morning (19 May), chairman David Southworth will state that it now has an established presence in Manchester, London, Birmingham, Leeds, Cardiff and Bristol.
“The regional expansion across England and Wales continues to develop as planned and, as previously stated, is expected to deliver accelerated growth from 2016 onwards,” he is expected to say.
The specialist provider of advice on the investment of personal injury damages and clinical negligence awards, also added two new fee earners since the year end, taking the total to 16.
“As per our stated objective we expect recent hires to generate increases in AUM and recurring investment revenues as they develop their operations in 2016 and onwards,” Mr Southworth will state.
Underlying fundamentals remain strong, with a 99 per cent client retention rate for investment management services providing high levels of revenue visibility, helping to underpin continued profitability and cash generation.
Earlier this year, the company’s 2014 results were deemed “solid” by Mr Southworth, with total comprehensive income of £1.36m rising from £1.1m in 2013, but leaving room to invest now to deliver accelerated growth from 2016.