Mattioli Woods Plc  

Mattioli Woods sees 42% increase in assets

Mattioli Woods sees 42% increase in assets

Mattioli Woods saw its assets under management rise by 42 per cent over the past six months as it hinted at further acquisitions.

In a trading update today (January 6), the company said total client assets had risen to £15.1bn in the six months to November 30.

This came after a number of acquisitions, including 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 £143m.

In the update today, the company's chief executive Ian Mattioli said both businesses were tracking ahead of budget, “and have contributed positively to the group's results”.

Mattioli added the company expected further consolidation within the wealth management, pensions administration, asset management and financial planning sectors, with many more opportunities coming to market.  

“We expect to continue to assess and progress bolt-on opportunities in the nearer term as well as potentially more substantial opportunities in the longer term, with all potential transactions required to meet our strict investment criteria and due diligence procedures.”

The firm currently has £44.3m in cash.

Mattioli Woods saw its revenue rise by 69 per cent to £49.9m compared with the previous six months, 10 per cent of which was organic revenue growth.

Gross discretionary assets under management grew by 55 per cent to £5.1bn, including £1.3bn with Amati Global Investors, the firm’s associate. 

Mattioli added: "The first six months of this financial year saw us build momentum despite the complexities, economically and politically, that persisted throughout 2021. 

“During the period, we proactively balanced securing good financial outcomes for our clients with ensuring the long-term sustainability of our business.”

At the end of October, the company increased its dividend by 5 per cent to 21p per share, with chairwoman Joanne Lake saying Mattioli Woods was committed to growing its dividend payments “in a responsible manner”.

Lake will stand down after five years in the role and be replaced by David Kiddie no later than January 21 this year.

Kiddie is already a member of the Mattioli Woods board as a non-executive director and was previously chief executive at BNP Paribas Investment Partners UK.