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Frenkel Topping agrees eighth PI joint venture

Frenkel Topping agrees eighth PI joint venture
(Pexels/Andrea Piacquadio)

Frenkel Topping has entered into its eighth joint venture in the personal injury and clerical medical sector.

Frenkel Topping has agreed a 50:50 partnership between its IFA arm and CFG Law, which will see the law firm provide services jointly with Frenkel Topping’s IFA division, under the name CFG Financial Services.

The chief executive of CFG, Richard Clark, and its executive chair Alastair Fernie, will act as directors of the company, alongside Mark Holt and Elaine Cullen-Grant from Frenkel Topping who will serve as chief operating officer and chief financial officer respectively.

As part of the joint venture, Frenkel Topping will become CFG’s “preferred partner” for clients requiring post-settlement investment advice, according to a statement this morning (July 25).

Clark said the impact of injury goes beyond the injured person.

"We believe partnerships and working collaboratively with all those involved are vital in helping injured people to achieve their best possible outcomes,” he said.

Chief executive of Frenkel Topping, Richard Fraser, said: “Joint ventures like this one expand our network of new business referrers and demonstrate our commitment to innovate and enhance our services, ultimately supporting our objective to increase shareholder value."

The agreement is the eighth joint venture for Frenkel Topping. The seven deals have added £68.5mn in assets under management in the last financial year.

Earlier this year, the group saw its revenue almost double to £18mn as a result of a number of acquisitions.

The IFA, which specialises in advising those who have been or are involved in personal injury and clinical negligence litigation, bought five companies after raising £13mn in July 2020.

This pushed its assets under management up by 16 per cent to £1.2bn, and assets on a DFM mandate rose by 28 per cent to £676mn in 2021.

The group had £8.6mn of net cash at the end of the year.