FSA approves Mattioli Woods discretionary service launch
Discretionary portfolio management arm will formally roll out over the coming months, company chairman says.
Pensions consultancy and wealth management business Mattioli Woods has received permission to launch its planned discretionary portfolio management arm.
In a stock market announcement, the company today (2 May) revealed “that on 30 April 2012 the Financial Services Authority approved the addition of the regulated activity of dealing in investments as agent to the company’s permission under Part IV of the Financial Services and Markets Act”.
Bob Woods, executive chairman of Mattioli Woods, said: “FSA approval of this additional permission marks an exciting new era for the group.
“Following our rebranding last autumn, the introduction of discretionary portfolio management will be an important extension to our wealth management services.
He added that Mattioli Woods will formally launch the new service “over the coming months”.
The company experienced a 17 per cent drop in profit early this year as it advised clients to defer placing investments until later in the year.