About Turris Wealth Management
Turris Wealth Management is a chartered financial planning firm. On December 20, 2019, Turris Wealth Management was acquired by Mattioli Woods.07M.
Missing: Turris Wealth Management's Product Demo & Case Studies
Promote your product offering to tech buyers.
Reach 1000s of buyers who use CB Insights to identify vendors, demo products, and make purchasing decisions.
Missing: Turris Wealth Management's Product & Differentiators
Don’t let your products get skipped. Buyers use our vendor rankings to shortlist companies and drive requests for proposals (RFPs).
Latest Turris Wealth Management News
Feb 10, 2021
Mattioli Woods hoping to treble in size in next five years Financial firm – which started over a garage - wants to double staff and treble amount of clients’ assets it looks after to £30bn 03:00, 10 FEB 2021 Sign up to FREE email alerts from BusinessLive - East Midlands Subscribe When you subscribe we will use the information you provide to send you these newsletters. Sometimes they’ll include recommendations for other related newsletters or services we offer. Our Privacy Notice explains more about how we use your data, and your rights. You can unsubscribe at any time. Thank you for subscribingWe have more newsletters Show me See our privacy notice Invalid Email The boss of a national wealth management specialists hopes to double staff over the next five years and treble the amount of clients’ assets it looks after to £30 billion. Ian Mattioli said Mattioli Woods had grown substantially in recent years, but its growth aspirations remained strong. In the more immediate term, he said, conversations were currently taking place with “two or three” local operators regarding their potential acquisitions. The value of assets the Leicester business looks after for its clients has just passed £10 billion for the first time and chief executive Mr Mattioli, who co-founded the business 30 years ago above a garage, said organic expansion and further acquisitions would see that figure head upwards. He said: “We want to be a £300 million revenue business and look after £30 billion of assets over the next five years, and go from a workforce of 650 to maybe 1,300. “Six years ago we were at £2.5 billion in assets under management, and revenue was £17 million – now that is at £60 million, so getting to £300 million is possible. “We will grow organically thanks to things such as the training programmes we have in place for people leaving university who want to get into financial services. “We are all invested in growing and developing our staff and business, but there are also other great businesses out there who we could integrate into Mattioli Woods. “We bought Hurley Partners in lockdown and that has already added £700,000 in profit. “If we acquire more businesses they could bring in 150 more staff, and if we acquired something very big it could be 4-500 people. “All of these things are now possible and we have the financial resources to grow this business.” Mattioli Woods currently has a skeleton staff working out of its head office in New Walk, Leicester , and Mr Mattioli said it had adapted well to working-from-home with staff still bringing in new clients. Interim results for the six months to November 30 showed it was looking after total client assets of almost £10.6 billion, while company revenues were steady at around £29.5 million. Adjusted pre-tax profits were up 4.5 per cent to £7 million and there was £18.2 million cash in the bank. As well as Hurley Partners, other recent acquisitions include Montagu Limited, which it paid £2.34 million for last week. Mantagu provides wealth management advice and administration to more than 150 private and corporate clients with approximately £80 million of assets under advice. Based in Twickenham, it employs four staff. Mr Mattioli said he hoped the sensible approach his business had taken during the pandemic would stand it in good stead in years to come. The Mattioli Woods office in Leicester was a 2018 ProCon regeneration project of the year finalist (Image: Leicester Mercury) He said: “The first six months of this financial year saw a continuation of the market and economic uncertainty that was a feature for most of 2020. “Throughout the period we proactively balanced securing positive financial outcomes for our clients with ensuring the long-term sustainability of our business, remaining true to our purpose of putting clients first in all that we do, which has been consistent throughout our 30 years of trading. “We are pleased to report further progress towards our goals with total client assets up 13.7 per cent to a record £10.6 billion. “Revenue of £29.5 million was 2.6 per cent lower than the equivalent period last year, as anticipated, due to weaker markets reducing the level of special consultancy and administration activity and the suspension of certain statutory requirements for pension schemes resulting in lower fee-based revenues. “This was offset by positive EBITDA contributions from The Turris Partnership Limited and Hurley Partners Limited which were acquired in the prior and current financial year with both continuing to perform and integrate well as expected. “The positive margin contributions from these recent acquisitions and continued cost management in the period more than offset the impact of reduced revenues with adjusted EBITDA up 4.5 per cent to £ 8.9 million. “We believe the benefits of operating a responsibly integrated business allows us to secure great client outcomes including controlling clients’ costs whilst delivering strong, sustainable shareholder returns over the long term. “The board remains committed to growing the dividend, while maintaining an appropriate level of dividend cover. Accordingly, the board is pleased to recommend the payment of an increased interim dividend, up 2.7 per cent to 7.5p per share. “Clients need long-term advice and strategies more than ever before. “We will continue to provide quality solutions, maintaining our focus on client service and continuing to adapt our business model to the changing market, integrating asset management and financial planning to build upon our established reputation for delivering sound advice and consistent investment performance, while providing value for clients. “We are pleased by our performance in the first half of the financial year and plan to build on this momentum, advancing our key strategic initiatives: new business generation, growth through strategic acquisitions, developing new products and services including developing our own technology solutions and delivering improved operational efficiencies.” Most Recent Most Recent
Turris Wealth Management Frequently Asked Questions (FAQ)
Where is Turris Wealth Management's headquarters?
Turris Wealth Management's headquarters is located at 4th Floor Telephone: St Vincent Chambers 0141 229 0282 41 St Vincent Place, Glasgow.
What is Turris Wealth Management's latest funding round?
Turris Wealth Management's latest funding round is Acquired.
Who are the investors of Turris Wealth Management?
Investors of Turris Wealth Management include Mattioli Woods.
Discover the right solution for your team
The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution.