Frenkel Topping has agreed a joint venture with an advice firm in a deal which will see its discretionary fund management services offered to external IFAs for the first time.
The 50:50 partnership will see the company's discretionary fund manager Ascencia Investment Management teamed with Truly Independent Ltd, in a joint venture to be named Truly Asset Management.
Ascencia will provide DFM services to Truly's 50 registered advisers, broadening its distribution to external IFAs for the first time, in a move Frenkel Topping expects will boost future assets under management.
The DFM was launched in 2016 to provide services to Frenkel Topping's own advisers and last year saw asset growth of 31 per cent to £399m.
Richard Fraser, chief executive of Frenkel Topping, 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 drawdown."
Mr Fraser said broadening its DFM distribution to the external IFA marketplace was a "logical next step" for Ascencia.
Andrew Goodwin, chief executive of Truly Independent, said: "Ascencia's positive performances, ability to generate real yield, together with a positive approach to ethical investing were key considerations in choosing them as partners.
"Working with Ascencia and adding DFM to our offering, Truly Asset Management will be able to expand the range of highly secure and price-conscious services we can offer, while at the same time supporting our ambitions of growing the business."
Last week fund manager Harwood Capital confirmed it had dropped its bid to take over Frenkel Topping, despite a "preliminary approach" being made last month which could have lead to a deal.
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