Mattioli Woods Plc  

Mattioli Woods posts revenue rise despite drop in AUM

Mattioli Woods posts revenue rise despite drop in AUM

Mattioli Woods saw its revenue rise 10 per cent in the six months to the end of November.

However, gross discretionary assets under management fell 4 per cent in the period, to £4.9bn, despite net inflows of £38mn.

The outlook for the current year remains in line with management’s expectations, the company said in an update to the stock exchange this morning (January 5).

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Chief executive of Mattioli Woods, Ian Mattioli, said the results showed “credit revenue” despite the difficult economic and political conditions.

The company’s pension and consultancy, employee benefits and private equity operating segments performed strongly during the period, he said.  

“Clients' demand for advice and proactive communications by advisers with our clients in such uncertain times resulted in an increase in advisory time, with the value of new clients on-boarded in the first half over 10 per cent higher than the equivalent period last year,” Mattioli added.  

The wealth manager bought a number of firms in the past few years, including the acquisition of its two largest to date, involving private equity firm Maven Capital Partners and financial planning business Ludlow Wealth Management. The deals were worth more than £143mn.

In May last year it completed the acquisition of Ferguson Financial Management, bringing in another £80mn of assets under advice

“Of the nine acquisitions the group has made since July 2020, all are trading in-line or ahead of budget, and have delivered earnings to support full payment of any contingent consideration, building upon our track record of 34 successful acquisitions to date,” Mattioli said.

He added that consolidation within the wealth management, pensions administration, asset management and financial planning sectors “continues apace”, and the firm is assessing a pipeline of potential acquisitions.