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Mattioli Woods assets soar following acquisition spree
by Brian Cantwell on Aug 28, 2013 at 08:34
Sipp and advice firm Mattioli Woods raised its dividend by 26% after assets under administration jumped 20.5% to £3.64 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, prompting the board to increase its dividend by 26.1% to 7p.
The group's discretionary proposition, which launched last September, attracted £187.2 million and wealth management now generates 27.5% of its revenues equivalent to £6.44 million and £1.92 million in profits.
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.’
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