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IFA firm unveils DFM joint venture with Frenkel Topping

Deal is a ‘logical next step’ and will allow both to grow their offerings in the space

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The discretionary fund management (DFM) operation of Frenkel Topping Group has formed a joint venture with advisory firm Truly Independent.

This comes days after a deal collapsed to sell the Manchester-headquartered group to private equity firm Harwood Capital.

The 50:50 joint venture with Frenkel’s Ascencia Investment Management will be named Truly Asset Management, according to a London Stock Exchange press release.

As part of the deal, Ascencia will provide DFM services to Truly’s 50 registered individuals and expand its distribution to include external IFAs for the first time.

Ascencia was launched in 2016 and has provided DFM services to Frenkel Topping’s financial advice arm.

Next step

“Broadening our DFM distribution to the external IFA marketplace is in line with our strategy and a logical next step to take Ascencia to the next stage of growth,” said Richard Fraser, chief executive of Frenkel Topping.

Andrew Goodwin, chief executive of Truly Independent, said: “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.”

DFM market

It has not been quiet in the DFM space over the last year.

St James’s Place decided not to buy Ireland-based pensions and investment firm Harvest Financial Services “following careful consideration”.

The failed acquisition was going to expand the wealth manager’s DFM offering through its subsidiary, Rowan Dartington.

In December, DFM firm Waverton acquired London-based IFA business Timothy James & Partners for an undisclosed sum.

While, in July, UK-based Clifton Asset Management launched Eden Park Investment Management to provide DFM services to advisers.

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