Ex-Mattioli COO's consolidator reaches £1bn Aum after double deal

Ex-Mattioli COO's consolidator reaches £1bn Aum after double deal

A new consolidator founded by two former Mattioli Woods directors has acquired two firms which has seen it exceed its target to manage £1bn of assets in its inaugural year.

Truinvest has bought NLP Financial Management and Birchwood Investment Management as part of a five-year growth strategy targeting annual revenues of £50m. 

The consolidator was launched in 2019 by Mark Smith and Micky Johal, who previously worked together at wealth manager Mattioli Woods as chief operating officer and director of mergers and acquisitions respectively. 

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According to Truinvest, the addition of NLP Financial Management and Birchwood Investment Management to previous acquisitions Group Rapport and Bromwich Financial Planning means the company is already handling assets under advice and management of almost £1.1bn. 

Both firms operate under their own brand name and the combined businesses provide financial planning and investment management services from two offices in London and Hertfordshire. 

Smith said: “We are absolutely delighted to have added two more highly reputable and well-regarded companies to the group. We see it as another hugely significant development and a further statement of Truinvest’s intent.”

Adam Katten, managing director of NLP Financial Management, said: “We have carefully considered the long-term future of our business, its clients and our staff. Having received approaches from potential suitors previously, very few shared our vision. 

“In Mark and Micky and the team at Truinvest, we feel we have a trusted partner with the same core values in putting our clients first and ensuring we support them in each stage of their lives in achieving their objectives. 

“We believe that by combining our businesses, we can together drive forward our client offering to ensure it remains best in the market and remains at the heart of what we do,”.

Meanwhile, Smith said “detailed discussions” were already underway on future deals. 

In February, Truinvest added to its adviser numbers and the firm looks to grow its staffing numbers further by recruiting and training new advisers. 

Truinvest secured funding from private family office Stonewood Wealth Management in 2019.

Johal said having this support meant the firm had “investors, a family office who understands our industry and are able to share our vision of making our clients’ lives better”. 

He added: “We continue to further invest in cutting-edge technology to make the way we operate simpler for our clients, advisers and staff, particularly as we feel the current Covid-19 pandemic has brought into focus the need for change in the way we all interact with one another”.

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