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Salford-based wealth manager Frenkel Topping has completed the acquisition of a forensic accountancy firm based in Leeds and Manchester, and raised £13m from share placement.

The company said the acquisition of Forth Associates Ltd was the first step in its consolidation strategy, and will make Frenkel Topping "the largest independent provider of expert witness reports to the claimant marketplace".

On Wednesday, Frenkel Topping said it would place 32,500,000 new shares at an issue price of 40p per share, a process it said on Thursday had been "oversubscribed", raising £13m before expenses.

Speaking about the move, Richard Fraser, CEO of Frenkel Topping, said: “This is an exciting time for Frenkel Topping and today’s placing is a transformative step towards achieving our ambition of becoming the market leader in the professional indemnity and clinical negligence marketplace, where we have more than 40 years of expertise.

"The net proceeds of the Placing and the Acquisition of Forths builds on our strong organic growth as we become the largest independent provider of financial expert witness reports to the claimant marketplace.

"We have known Forths for many years and not only is this business a good strategic fit, our discussions have shown we have similar cultures with a shared customer centric ethos.

“Looking ahead, the placing enables us to capitalise on the significant opportunities available, to acquire pre-settlement professional services business in the professional indemnity and clinical negligence markets and provide claimants with a full-service offering.

“We are delighted with the strong support shown by both new and existing investors and it is particularly pleasing to see high-quality institutional investors join our shareholder register.