Wealth expert Mattioli Woods sees business boost in ‘Brexit’

The Leicester-based firm, which has ore than 400 employees looking after the finances of about 6,000 clients through branches in, Buckingham, London, Newmarket, Preston as well as its Scottish premises has total assets under management, administration and advice are worth more than £6.6 billion.

It says that the fallout from the decision to leave the EU has presented it will an opportunity to benefit through its offer of executive wealth counselling and financial education initiatives.

In a trading update ahead of results for the year to May 31, Mattioli Woods, which counts among its recent acquisitions the business and assets of Stonehaven-based Maclean Marshall Healthcare for £225,000 last year, said it enjoyed strong growth during the period despite unsettled markets.

Revenue grew by 20 per cent, while total client assets at the year’s end were worth 22 per cent more than a year earlier.

The firm said it racked up a record number of new client wins, while net cash reserves meant it was in a strong financial position.

Chief executive Ian Mattioli added: “I am pleased to report another year of growth in line with our expectations. We have enjoyed strong growth in our wealth management business, with the (UK) Government’s new pension freedoms creating additional demand for advice.

“The five businesses acquired during the year are integrating well and have all contributed positively to the group’s trading results since acquisition. Further consolidation in the Sipp (self-invested personal pensions) market appears likely, with increased regulatory capital requirements for Sipp operators coming into effect from September 1, 2016, and we continue to seek further value-enhancing acquisitions.

“Over the last 25 years, we have shown in good and bad economic conditions that we have a robust business model, which can deliver additional shareholder value through organic growth, the development of new revenue streams and the acquisition of similar or complementary businesses.”

Alan Fergusson was among the directors of Aberdeen firm Kudos Financial Services who picked up cash and shares worth a total of £3.94million around the time of its acquisition by Mattioli Woods in 2011.

He is now the group’s employee benefits director.