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Acquisitions give 20% boost to Mattioli Woods revenue

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Wealth manager Mattoili Woods saw revenue grow 20 per cent in the six months to December 2015 to £19.9m, up from £16.59m, its interim results show.

The firms says the acquisitions of Boyd Coughlan, Taylor Patterson and Lindley Trustees more than offset a £600,000 decline in interest earned on cash accounts.

Healthcare and protection business Maclean Marshall Healthcare was also acquired in January 2016.

Total clients assets under management, administration and advice were up 29.5 per cent to £6.49bn, from £5bn six months previously. Assets under discretionary management account for £1.08bn.

In June 2015 the company raised £18.6m which it says will fund further Sipp acquisitions as providers aim to meet the increased regulatory burden of the new Sipp capital adequacy rules.

Co-founder Bob Woods is to stand down as executive chairman and from the board in October 2016.

Deputy chairman Joanne Lake is to take over Woods’s responsibilities.

Chief executive Ian Mattioli says: “Against a backdrop of volatile financial markets, regulatory and legislative change, in the second half of this financial year we expect sustained demand for advice from clients, offsetting any impact lower asset values have on investment-related revenues.

“We are broadening our proposition as trusted adviser, product provider and asset manager and believe our blend of wealth management and employee benefits positions us well to deliver further strong shareholder returns going forward.”

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