Mattioli Woods has reported an 11 per cent increase in pre-tax profit, from £4.2m in 2012 to £4.6m this year, as the value of assets under management, administration and advice surged 21 per cent.
Mattioli Woods’ results for the year to 31 May 2013, published this morning, reveal the value of assets rose from £3.02bn in 2012 to £3.64bn this year.
This includes £302m of funds under trusteeship added as a result of the acquisition of Ashcourt Rowan’s pension business in April 2013.
Since the results were published Mattioli has been appointed to operate the Pilgrim Sipp and HD Sipp. It also acquired advice firm Atkinson Bolton Consulting in July this year.
The firm has proposed increasing its dividend 26 per cent on the back of the results, from 5.55p last year to 7p this year.
Mattioli Woods executive chairman Bob Woods says: “I believe we are well positioned to grow in the post-RDR world and we plan further investment in information technology, training and recruitment over the next 12 months.
“I have enormous conviction in our strategy and look forward to Mattioli Woods delivering first class services to our clients and further sustainable growth to our shareholders over the coming year.”
Woods has also reported an increase in consolidation activity in both the advice market and the Sipp market, with the RDR and heightened capital requirements expected to force some businesses to sell up.
He says: “Many commentators predicted the advisory market would consolidate post-RDR and we have been active as an acquirer, most recently announcing the acquisition of Thoroughbred Wealth Management Limited and its subsidiary Atkinson Bolton Consulting Limited last month.
“In addition, proposed increases in the regulatory capital requirement for operators of self-invested personal pensions is driving consolidation in another of our core markets.
“We may see more acquisition opportunities as other small Sipp operators look to exit the market.”