Ian Mattioli, chief executive of the pension provider and discretionary manager, said the firm has bought Atkinson Bolton’s holding company Thoroughbred Wealth Management for £3.24m, a sum that comprises of £375,000 in cash and the rest in Mattioli Woods shares.
There will also be a deferred cash payment of £2.75m in the next four years, providing certain growth targets are achieved.
The deal will boost funds under management at the Leicester-based company by £420m, with all 50 employees from Atkinson Bolton staying at the existing Newmarket office under the Mattioli Woods banner.
The acquisition will see Mattioli Woods boast a total of £4bn in assets under management, giving the firm scale, which Mr Mattioli said was important in the new post-RDR world.
He said: “We believe RDR will bring about fundamental change in our sector. The myriad of small advisory firms in the UK may well give way to a market populated by larger and better resourced new-style 21st century businesses, supported by a broad range of trusted and effective in-house investment services. This acquisition will enhance the enlarged business’ ability to deliver this.”
Atkinson Bolton Consulting was established in January 2001 to offer bespoke financial advice to corporate and high-net worth clients, specialising in employee benefits and wealth management.
James Bolton, co-founder and managing director of Atkinson Bolton, said: “When I started Atkinson Bolton more than 12 years ago, I always hoped it would grow to the company we have today. We are proud of the long-term friendships and business relationships we have built with our private, corporate and consultancy clients.”