Salford-based specialist independent adviser Frenkel Topping says six months of hard work in the first half of its financial year have paid off in the second half.
Announcing annual results for the year to December 31, 2018, the firm delivered a record £92m of new investment mandates across a 12-month period.
The firm, which is focused on protecting the assets of people who have suffered life-changing accidents, also achieved a 10th consecutive year of high client retention (98%) for investment management services, and its assets under management (AUM) increased to £779m, up from £752m.
Frenkel Topping also saw revenues of £7.7m, up from £7.3m the previous financial year.
During the first six months of the year, the company invested significantly in marketing, HR, the Frenkel Topping Academy and technology, stabilising the business and preparing it for future growth.
Richard Fraser, Group CEO, said: “The board is pleased to report a year of progress, underpinned by significant investment across the business.
“Last year we identified a number of risks to Frenkel Topping’s development and embarked on an investment strategy to help grow and protect the business in a challenging market environment and mitigate these risks.
“During the year we invested close to £1m across the business, mainly on tech, the Frenkel Topping Academy and marketing.
“This resulted in a 43% rise in new investment mandates and a 33% increase in expert witness instructions, the latter a key pipeline for future AUM growth.”
He added: “The company is in a good position as we scale up for our next period of growth.
“We remain focused on delivering outstanding service to our clients and sustaining our very high client retention rate, as well as consolidating our position as the UK’s leading asset manager for personal injury and clinical negligence awards.”
“Current trading is encouraging, and we have had a solid start to the new financial year, underpinned by recent investment and our conservative investment approach.”