Salford-based financial and professional services firm Frenkel Topping has reported record funds under management (FUM) of £1.56bn at the end of 2024, compared to £1.335bn in 2023.

Funds on a discretionary mandate (DFM) were £1.031bn, up 26% from the previous year’s £820m.

Revenues for the year were £37.4m, up from £32.8m in 2023, while pre-tax profits of £4.2m were up almost a third compared with £3.2m in 2023.

Richard Fraser, chief executive, said: “Our 2024 results demonstrate the success of our growth strategy over recent years and the resilience of our business against the backdrop of challenges faced within our costs segment which had a modest impact on the year end outturn, as previously announced.

“Pleasingly, we have had a record year of growth in FUM thanks to the skills and expertise of our sales team, aided by the excellent performance of our DFM, Ascencia Investment Management, which crossed the £1bn threshold, a landmark achievement.”

The firm said its £2.75m acquisition of cost consultants Northwest Law Services in April 2024, is already exceeding expectations for revenue and profit contribution.

Mr Fraser said: “This demonstrates the strength of the acquisition strategy with the company demonstrably identifying businesses that the management has been able to grow and capture upside opportunities as well as diversifying revenue streams.”

He added: “We will continue to explore synergies, to invest in our people, data and efficiencies in order to help us to further take advantage of opportunities that the enlarged group presents.”

Frenkel Topping was established in 1979 as a specialist forensic accountants by John Frenkel and Mike Topping. The company was dedicated to servicing lawyers dealing with large personal injury and clinical negligence claims. It floated on AIM in 2004.

It now has a number of businesses including Cardinal Management which was established in 2015 to provide trauma support and direction. In 2016, Frenkel Topping Group launched its discretionary fund management service, Ascencia and in 2018 it created wealth manager Obiter.

In recent years it has been busy on the acquisition trail, beginning with Manchester and Leeds-based forensic accountancy Forth’s in 2020. In 2021 it acquired civil and commercial litigation costs consultants A&M Bacon and Partners in Costs (PIC), a costs law specialist, both based in Doncaster.

Other businesses in the group include expert witness services company Keystone Case Management, medico-legal litigation expert witnesses business Somek and Associates, costs consultants Bidwell Henderson, costs experts PIC, and civil and Court of Protection costs experts A&M Bacon.