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Mattioli Woods profits leap as total assets hit £3.2 billion

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Mattioli Woods profits leap as total assets hit £3.2 billion

Advisory firm and Sipp administrator Mattioli Woods had reported strong profits for the six months ending 30 November 2012 as its assets under administration hit £3.2 billion.

Profit before tax at the firm rose to £2.5 million, a 26% increase from the previous six months.

Mattioli Woods was also boosted by the successful launch of discretionary service in August 2012 which has already attracted £51.2 million.

Total client assets rose from £2.9 billion in the first half of 2011/12 to £3.2 billion, a rise of 13%.

Sipp assets accounted for £1 billion, with SSAS assets reaching £1.2 billion. Assets in Mattioli Woods employee benefits business rose to £609 million from £575 million at the end of the six months before.

Personal assets were also up from £328 million at the end of May 2012 to £360 million.

The number of Sipps and SSASs serviced by the firm was boosted by its appointment to administer the Pilgrim Sipp meaning it added 756 schemes. It also added 143 schemes organically.

Bob Woods (pictured), executive chairman said: 'Strong results from recent acquisitions and our expanding wealth management services delivered further profitable growth.’

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