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Mattioli Woods increases revenue by 17%

Mattioli Woods has seen revenue increase 17 per cent or £28.4m as business grew in several areas, according to interim results published today.

Results for the six months ended 30 November 2017 show the national IFA and wealth manager expanded its employee benefits and personal wealth divisions alongside its self-invested personal pension and small self-administered scheme business.

Total client assets under management, administration and advice increased by 5.2 per cent to £8.34bn at 30 November 2017, compared to £7.93bn at 31 May 2017.

The growth in total assets under management, administration and advice of £418.3m during the period was broken down by the company. There was a £263.6m increase in Sipp and Ssas funds under trusteeship, with net organic growth of 2 per cent in the number of schemes being administered at the period end.

The number of Ssas and Sipp schemes the firm operates on an administration-only basis fell 2.2 per cent from 4,907 in the first half of 2017 to 4,772 in the period to November.

However the total number of Sipp and Ssas schemes administered by the group increased 4.7 per cent to 10,225 from 9,764 in the first half of 2017.

This pushed pension consultancy and administration revenues up 18.9 per cent to £10.7m.

New client wins, sustained demand for advice, increased staff utilisation and improved billing recoveries helped drive direct 15 pension consultancy and administration fees up 17.1 per cent to £8.2m compared to £7m in the first half of the year.

On the employee benefits side, there was a £16.3m increase in the value of assets held in those corporate pension schemes which Mattioli Woods advised.

In the personal wealth arm there was a £95.2m increase in personal wealth and other assets under management and advice, with 160 new personal clients won during the period.

Mattioli Woods chief executive Ian Mattioli explains how the business continues to grow.

He says: “The business is really strong at the minute and we have grown the consultancy, investment management and technical support sides of it.”

He also explains how the £3.3m, 49 per cent stake in boutique asset manager Amati Global Investors made in February 2017 fits into its long term strategy.

Mattioli adds: “Certain types of acquisitions like the Amati one gives us the ability to grow organically. Amati is what I would call ‘a gap fill’ in that it is part of the financial dimension for clients we did not have.

“So we now have a fund manager and have a funds based business which we can use as our platform to build other funds from. Currently it runs three now but I can imagine 10 to 15 different funds on it in the next five to 10 years.”

Mattioli Woods also made a £2.2m bid for pension administration company MC Trustees in September 2016.



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