Shares of Manchester-based financial advisor and asset manager Frenkel Topping rose more than 11% after it said it is reviewing strategic options “including a potential sale of the group.”

Shares rose to around 67p to give the firm a stock market value of more than £50 million.

Frenkel Topping has a focus on “asset protection for vulnerable clients” and has assets under management of around £745 million.

Frenkel Topping executive chairman Jason Granite said: “Since 2015, the management and board have successfully implemented a range of strategic initiatives transforming Frenkel Topping both in terms of enhancing our client service proposition and developing a highly scalable platform to drive growth in assets under management and profitability.

“Whilst the competitive positioning and potential of the firm has been further enhanced by the Ogden discount rate review, the board recognises that a strategic partner has the capability to maximise the group’s potential, to the benefit of our clients, shareholders and employees.”