Frenkel Topping has bolstered its IFA arm with a joint venture agreed with a law firm as the adviser confirmed it has its eye on a number of acquisition opportunities this year.
In its final results published to the market this morning (April 21) the advice firm announced a 50:50 joint venture with Hudgell Solicitors in a deal which will see it provide investment advice to the law firm's clients post settlement.
It comes as Richard Fraser, chief executive of Frenkel Topping, said the business was reviewing a number of acquisition opportunities with an eye to growing its wealth management brand Obiter.
But Mr Fraser said Frenkel Topping had a "strict" acquisition policy and would not make any acquisitions unless they met its criteria.
The advice firm's joint venture with Hudgell Solicitors will be named Hudgells Financial Management Services, with Frenkel Topping expecting client referrals and increased assets under management from the partnership.
Mr Fraser said: "Hudgells has an excellent reputation and the third joint venture we’ve established with another reputable law firm.
"These partnerships expand our significant network of new business referrers and demonstrates our commitment to innovate and enhance our services, which ultimately will support our objective to increase shareholder value."
In February Frenkel Topping announced it had partnered in a 50:50 joint venture with Horwich Cohen Coghlan Ltd, a law firm which specialises in personal injuries.
In today's results, covering the 12 months to December 2019, the advice firm announced its assets under management had grown by 15 per cent to £898m last year, up from £779m in 2018, as its pre-tax profits jumped 9 per cent to £1.2m.
But Mr Fraser said the impact of the Covid-19 pandemic on this year's performance was "difficult to quantify" at this stage.
He added: "The year has begun robustly. We have won significant Aum mandates together with new business from our expert witness work, the latter a key pipeline for future Aum growth.
"It is particularly encouraging that the defensive nature of our investment philosophy limited negative market movement to 7.6 per cent, which reduced Aum by 4.1 per cent to £849m as at 31 March."
What do you think about the issues raised by this story? Email us on email@example.com to let us know.