Wealth manager and pensions provider Mattioli Woods has seen revenue growth of 20 per cent over the first five months of this financial year.
In a trading update, published today (1 December) ahead of its interim results, the provider revealed its total clients assets now exceed £4.9bn, up from £4.32bn in the first half of the year, while discretionary assets under management increased to £840m from £510m.
Ian Mattioli, chief executive, said the firm had benefited from the momentum of organic and acquired growth, set against the backdrop of an “attractive” marketplace for it core services.
He welcomed the government’s at-retirement reforms, particularly around ‘ownership’ and inheritance of pensions.
“We are delighted these key issues have finally been addressed and I cannot overstate just how profound I believe these changes will be in repositioning pensions at the centre of retirement planning.”
The continued development of Mattioli Woods’ consultancy team has also helped drive new business flows.
In the first five months of the most recent period it won new wealth management cases - comprising self invested pensions, small self administered schemes and personal clients - with total assets under management, administration and advice of over £128m, up from total assets of £86m won in the six months ended 30 November 2013.
Mr Mattioli stated that the introduction of a charge cap on auto-enrolment pension schemes in April 2015 and the abolition of provider commissions in April 2016 are changing the revenue mix.
“The shift to a fee-based proposition is being well-received by corporate clients and I expect our blend of employee benefits and wealth management to see us win new clients attracted to the broader and more flexible solutions we can offer employers and their employees.”
He also noted that the acquisition of UK Wealth Management’s pension business is bedding-in well and the hive-up of City Pensions Limited into Mattioli Woods was completed at the end of October.
“Developing our technology infrastructure is a key part of our strategy,” stated Mr Mattioli. “We are investing in our bespoke pension administration and wealth management platform, with the aim of enhancing the services we offer clients and realising operational efficiencies across the group as a whole.”
He added that the firm is continuing to assess a number of acquisition opportunities.
peter.walker@ft.com
