Frenkel Topping, a wealth management boutique, has revealed the extent to which it was protected by defensive positioning in the March market downturn.

The firm, which specialises in advising vulnerable and Court of Protection clients, said today that it experienced negative market movement of 7.6 percent in the quarter to 31 March. More traditional wealth managers are reporting portfolio downturns in the mid-teens.

For Frenkel this resulted in an overall AUM reduction of 4.1 percent, to £849 million, once client inflows for the quarter were taken into account.