Wealth manager Frenkel Topping, through its discretionary fund management (DFM) unit Ascencia Investment Management, has formed an equal stake joint venture (JV) with IFA firm Truly Independent.

The JV will operate under the brand Truly Asset Management.

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The move expands Ascencia’s DFM services to external IFAs for the first time, benefitting 50 Truly advisers.

Since its inception in 2016, Ascencia has been offering DFM services to only Frenkel Topping’s own advisers. The DFM arm managed £399m ($519m) in assets at the end of December 2019.

Truly Independent CEO Andrew Goodwin said: “We share the same values and ethos of placing customers and their interests at the heart of everything we do.

“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.”

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Frenkel Topping anticipates that the tie-up will boost its assets under management.

Frenkel Topping CEO Richard Fraser said: “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 draw down.

“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.”

Frenkel Topping specialises in offering asset protection services for vulnerable clients.

It offers bespoke investment portfolios, personal and corporate financial advice as well as tax planning, among others, through branches in Manchester, Birmingham, Cardiff, and London.