National IFA and wealth manager Mattioli Woods has said that acquisitions will remain “a core part” of the firm’s strategy going forward.
In a results statement today, Mattioli Woods, which also operates Sipps and SSAS accounts, said that the five businesses it had bought two years ago had “integrated well”, as it looks to build on the two acquisitions it made in the most recent financial year.
The latest two deals were a £2.2m bid for pension administration company MC Trustees in September 2016, which Mattioli Woods says has bought “additional scale and expertise” to its pension administration business, and a £3.3m, 49 per cent stake in boutique asset manager Amati Global Investors in February.
Mattioli Woods has added £58m to Amati’s funds under management since acquisition, but says it “strongly supports” the FCA’s work to ensure there are no conflicts of interests in vertically integrated firms which operate both fund management and advisory services.
Mattioli Woods chief executive Ian Mattioli says: “The FCA has highlighted there is weak price competition in the asset management industry and has said it will assess firms’ vertical integration and the entire value chain of investing in its upcoming platform market review. Improving client outcomes and reducing client costs are key objectives of ours and we strongly support the FCA’s objectives of increased transparency and better alignment of interests between fund managers and investors.
“Our focus remains on ensuring the group addresses our clients’ changing needs and we continue to broaden our proposition through advice and innovative product development such as the Mattioli Woods Structured Products Fund, organically and by acquisition.
“We believe our capabilities as trusted adviser, administrator, product provider and asset manager allow us to deliver improved and sustainable client outcomes”
Overall, Mattioli Woods’ total client assets increased from £6.6bn to £7.8bn over the financial year.