Frostrow Capital is an independent investment companies group and AIFM. We specialise in providing services to a growing number of leading London Stock Exchange-listed investment companies, with combined assets under management of approximately £7.2bn*.

Founded in 2007, we are an owner-managed, FCA-regulated firm, with a team with over 120 years of specialist investment company experience. We operate independently of any financial institution or investment management group.

We believe our innovative management model enables investment companies to operate more effectively, with the portfolios of our clients managed by separate, specialist portfolio managers based in the UK or abroad. With portfolio management kept separate from operational functions, we believe board independence is assured and potential conflicts are avoided.

*As at 9 January 2018.



  • AIFM
  • Distribution
  • Strategic Support
  • Company Secretarial
  • Fund Accounting
  • Fund Administration


Frostrow is authorised by the FCA to act as an Alternative Investment Fund Manager (AIFM) to several of our investment company clients. The two key roles of the AIFM are the portfolio management and risk management functions. Under the Frostrow model, portfolio management is delegated, subject to the oversight of Frostrow and the Board, to the appointed portfolio manager on a fully discretionary basis, while Frostrow performs the risk management function.

We believe that by separating oversight and the risk management function from portfolio management, a superior corporate governance structure is achieved.


Frostrow’s focused distribution function provides investment companies with all of their strategy, marketing and investor relations requirements.

We promote our client companies as widely as possible in order to grow them. By actively engaging with existing and potential investors, we work to increase demand for the shares in the secondary market. This complements the efforts of the respective portfolio managers and stockbrokers, with whom we collaborate closely.


Frostrow works with Boards to define... Read more »

Strategic Advice

We are specialists in the investment company sector, with unrivalled experience in dealing with the many regulatory and compliance issues involved in the successful running of an investment company. We are fully equipped to offer strategic support to help our clients navigate a broad range of situations or crises.

Company Secretarial

Frostrow’s highly experienced team performs the full range of company secretarial services required by stock exchange-listed investment companies. We also provide general advice on the conduct of the company and continuously ensure that the highest standards of corporate governance, operations and compliance are upheld.

Fund Accounting

Frostrow manages the day-to-day operations of each client company. We ensure the accounts are consistent with the requirements of the relevant accounting standards and comply with the AIC's Statement of Recommended Practice. We produce the interim and full year accounts and ensure the annual audit is conducted effectively.

Fund Administration

We are responsible for the day–to-day investment fund administration and ensure the investment manager complies with the investment guidelines. The administration function includes trade capture, trade processing, pricing and valuation of the portfolio. The Net Asset Value per share of each investment company is published on a daily basis.


  • Alastair Smith

    Managing Partner

  • Grant Challis


  • Tracy Arthur


  • Mark Pope


  • Eleanor Cranmer


  • Juber Miah

    Investment Fund Accountant

  • Victoria Hale

    Company Secretary, Governance & Compliance

  • David Harris

    Head of Distribution

  • Sarah Smale

    Company Secretarial & Compliance Executive

  • Carla Sierra

    Investment Fund Accountant

  • Ben Rigg

    Senior Manager

  • Katherine Manson

    Company Secretary

  • Will Hampsey-Cook

    Associate - Distribution

Alastair Smith

Alastair has been the Managing Partner of Frostrow since launch in 2007, and involved in the investment company sector since 1995. Prior to this he was Managing Director of Close Finsbury Asset Management Ltd., part of the Close Brothers Group plc, with responsibility for a range of investment trusts and a range of Dublin-domiciled open-ended funds. From 1997 to 2000 he was with Schroder Investment Management Ltd. as Head of Investment Trust Operations. Alastair qualified as a chartered accountant with KPMG in 1989 and worked in the London and Hong Kong offices between 1990 and 1997.

Grant Challis

Grant has been a Partner of Frostrow since launch in 2007. Grant was previously Director of Business Development in the Investment Trust team at Close Finsbury Asset Management Ltd., having been a consultant since 2004. Prior to founding a specialist financial services consultancy in 2001, Grant spent three years as a management consultant at KPMG Consulting. Before that, he was a corporate financier at Guinness Mahon & Co. Ltd. (now part of Investec Plc) and subsequently at Charterhouse Tilney (acquired by ING Baring in 2000). Grant was educated at Stellenbosch and Oxford Universities.

Tracy Arthur

Tracy has been a Partner of Frostrow since launch in 2007. Tracy initially joined the Investment Management division of Rea Brothers Group Plc in 1998, just prior to the acquisition by Close Brothers Group Plc in 1999. She has held various roles including Senior Investment Fund Accountant and Senior Manager, Operations. Prior to that, Tracy spent two years as Assistant Financial Controller at Tertio Ltd., an information technology consultancy. A qualified accountant (FCCA), Tracy also holds the IMC (Investment Management Certificate) and IAQ (Investment Administration Qualification) and has an MBA.

0203 0084914

Mark Pope

Mark has been a Partner of Frostrow since launch in 2007. Mark was previously at Close Finsbury Asset Management Ltd. in 2006 and was part of the Company Secretarial team responsible for five investment trusts. Mark spent over 20 years at Morgan Grenfell (acquired by Deutsche Bank in 1989) and, from 1994, he acted as Company Secretary for three investment trusts. Prior to that, his roles included foreign exchange dealing for asset management clients and portfolio administration. Mark commenced his career spending five years at Lloyds TSB. Mark is a chartered company secretary and holds the ACIS qualification.

0203 0084913

Eleanor Cranmer

Eleanor joined Frostrow in 2011 and has been involved with investment companies since 1989. From 2003 she worked for AXA Investment Managers, with responsibility for the company secretarial functions for AXA Framlington’s investment trusts as well as all the UK companies in the AXA Investment Managers group. Prior to that, she was head of the company secretarial department at Govett Investment Management. Eleanor qualified as a chartered accountant with Ernst & Young, where she managed the audits for a range of clients, including a number of investment trusts. Eleanor read Classics at Cambridge.

0203 0084613

Juber Miah

Juber joined Frostrow in 2010 as an Investment Fund Accountant in a middle office role, primarily to oversee the operations of third party administrators. Juber has over 20 years of experience in similar middle office and accounting roles and first encountered investment companies in 2002. Prior to Frostrow, Juber worked at State Street Trust Bank, Close Brothers Group Plc, SocGen Asset Management and Schroders. Juber holds the Investment Administration Qualification.

0203 1595189

Victoria Hale

Victoria joined Frostrow in 2012 from Hermes Fund Managers, where she spent three years as one of three company secretaries responsible for over 150 trading entities. Prior to that, Victoria spent three years with JP Morgan Asset Management and, from 2006, acted as assistant company secretary to six investment trusts. Victoria commenced her career spending three years at WS Atkins plc and a further year at Mouchel Parkman plc. Victoria is a chartered secretary, has Masters in Corporate Governance and holds the ACIS qualification.

0203 1708732

David Harris

David joined Frostrow in 2013 from Morgan Stanley, where he held roles in the Institutional Sales & Trading Senior Relationship Management (SRM) team and the UK & European Corporate Foreign Exchange Sales team. Prior to Morgan Stanley, David was a Captain in the British Army, with active service in Afghanistan. David was educated to post-graduate level at King’s College London and holds the Chartered Alternative Investment Analyst (CAIA) qualification, the CFA Society's Investment Management Certificate (IMC) and the Certificate in Investor Relations (CIR).

0203 4273835

Sarah Smale

Sarah joined Frostrow in 2013 as a Company Secretarial Assistant, providing further support to the team. Sarah has a wide range of skills and knowledge acquired after having worked for over 20 years in the company secretarial departments of FTSE 100 and FTSE250 companies, including RAC plc which was taken over by Aviva plc in 2005 and Centrica plc.

Carla Sierra

Carla joined Frostrow in 2015 as an Investment Fund Accountant. This followed 8 years at BNP Paribas as an Investment Trust Accountant for Witan Investment Trust, plus various Blackrock Funds. Prior to BNP Paribas, Carla was at Schroders for 9 years in the Investment Trust Department as an Assistant Manager, with responsibilities for various Schroder Investment Trusts.

0203 709 8731

Ben Rigg

Ben joined Frostrow in 2015 after three years at Fidelity, where he was responsible for the financial reporting to the Fidelity UK Board and financial control for Fidelity’s UK entities.

Prior to that, Ben was at Grant Thornton where he was responsible for managing the audit relationships with a range of financial services clients, including several investment trusts and fund management houses. Ben has over 10 years’ experience in financial services and is a qualified accountant (FCA).

Katherine Manson

Katherine joined Frostrow in 2015 after two years at TMF Group where she acted as company secretary to two investment trusts, amongst other clients. Prior to that, Katherine held assistant company secretary positions at Orrick, Herrington and Sutcliffe LLP, where she was responsible for over 100 entities, and Direct Line Group plc during the preparation for their IPO. She started her corporate secretarial career at NHS Kensington and Chelsea. Katherine is a chartered secretary and holds the ACIS qualification.

0203 709 8734

William Hampsey-Cook

Will joined Frostrow in September 2017 following the completion of his Economics degree at Leeds Beckett University. He holds the CFA Society's Investment Management Certificate (IMC) qualification and provides support to the Distribution team.

0203 709 9281



For all enquiries, please contact Frostrow at:

call: +44 (0) 203 0084910
fax: +44 (0) 203 0438889
visit: 25 Southampton Buildings
London WC2A 1AL