Mattioli Woods Plc  

Mattioli Woods' client assets reach £10.6bn

Mattioli Woods' client assets reach £10.6bn

Wealth management firm Mattioli Woods says it has hit a “milestone” after client assets reached £10.6bn in November.

In its interim results for the six months ended November 30, 2020, published this morning (February 9), the firm said assets had grown 13.7 per cent in the half year and were up £1.3bn from the previous six months. 

The acquisition of Hurley Partners contributed £593.9m, nearly half the total increase in the period, while the company saw a £203.4m increase in personal wealth and other assets under management and advice.

Its Sipp and Ssas funds under trusteeship were also up by £93.5m, with a 1.85 per cent increase in the number of schemes being administered at the end of November. 

However, despite 316 new self-invested personal pensions, small self-administered schemes, and personal clients flocking to the firm in the period, up on the 277 in the previous period, new assets were down, from £88m in the first six months of the year, to £79m in the second.

Looking forward, Mattioli has received with 556 new business enquiries (up from 492 in H1) and projects an intake of new assets totalling £160m.

Ian Mattioli, chief executive officer of Mattioli Woods, said: “Clients need long-term advice and strategies more than ever before. 

“We will continue to provide quality solutions, maintaining our focus on client service and continuing to adapt our business model to the changing market, integrating asset management and financial planning to build upon our established reputation for delivering sound advice and consistent investment performance, while providing value for clients.”

Mattioli said the firm would continue to seek both organic growth and make further acquisitions after it has taken part in a number of deals over the past couple of years.

At the end of 2019 it acquired Glasgow-based Turris Partnership in a deal worth up to £1.6m and last March, it acquired private client adviser and asset manager Hurley Partners in a deal worth up to £25.6m.

Last week (February 3), it acquired Twickenham-based wealth management firm Montagu, in a deal worth up to £2.34m.

As part of its results, the firm stated: “Consolidation within both wealth management and Sipp administration is expected to continue, and we are seeing a number of opportunities arising from retirement sales and in advance of potential UK budget changes which could see sellers incurring higher tax burdens.  

“Following a restructure of our executive, non-executive and senior management teams, we will seek to build on our track record of successful acquisitions by continuing to assess opportunities that meet our strict criteria focussed on strategic and cultural fit, enhancing our client proposition and enhancing distribution, technology with the potential for synergies and integration to the group. 

“The pipeline of strategic opportunities remains strong and of higher quality than that we have seen for several years.”

The firm reported revenues of £29.5m, 2.6 per cent less than the £30.3m it made in the first half of the year.