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Mattioli Woods assets soar following acquisition spree
by Brian Cantwell on Aug 28, 2013 at 08:14
Sipp and advice firm Mattioli Woods has seen its assets under administration jump 20.5% to £3.6 billion following a string of acquisitions over the last year.
The company added £301.9 million of funds with the acquisition of Ashcourt Rowan’s pension business in April, and a further £442.4 million of assets were added on the acquisition of Atkinson Bolton in August, in addition to £7.1 million on appointment to The HD Sipp in June.
Overall the firm’s profits before tax increased by 10% to £5.5 million, for the year ended 31 May 2013, up from £5 million in 2012.
The firm saw revenues grow 14.3% to £23.41 million.
It has increased its dividend by 26.1% to 7p.
Bob Woods (pictured), Mattioli Woods executive chairman, said: ‘We plan to continue expanding Mattioli Woods’ operations, both organically and by acquisition. The acquisitions we have completed to date have all been earnings enhancing.
‘This is an exciting time. We were delighted to announce the acquisition of Atkinson Bolton last month and both our recent acquisitions are excellent cultural and strategic fits, offering real synergies with the wider group.
‘Many commentators predicted the advisory market would consolidate post-retail distribution review and we have been active as an acquirer.’
In January New Model Adviser® reported that Mattioli Woods was battling a £400,000 professional indemnity claim relating to two complaints. The company said its insurer has refused to cover the claim, which has now fallen to £357,000. It said it was possible, but not probable the claims would be successful.
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