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
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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.”
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Mattioli Woods hoping to treble in size in next five years

5th January 20217:28 am
Wealth management and employee benefits firm Mattioli Woods has roped in three new non-executive directors to bolster its ranks. Former BNP Paribas UK chief executive David Kiddie and Melton Mowbray Building Society boss Martin Reason will join the firm, as will HSBC managing director Edward Knapp, who will also become chair of Mattioli’s risk and compliance committee. Kiddie will take a spot on the risk and compliance and nomination committees, while Reason will sit on the remuneration committee. Mattioli Woods chairman Joanne Lake says: “Their deep and broad range of expertise across financial services, including investment management, technology and transformation, and operations and customer services, will be an asset to Mattioli Woods as we continue to execute against our growth strategy. “The appointment of David, Edward and Martin brings further renewal to the board and gives us a strong platform for future succession planning.”
Mattioli Woods has been on the acquisition trail in recent months, having acquired both financial planning firm The Turris Partnership Limited and employee benefits consultancy Hurley Partners . The firm decided to cut staff bonuses in the wake of the pandemic, allowing it to shave £2.6m off its costs, which led to an increase in profits for the year to May.

Mattioli Woods brings in three new directors

Mattioli Woods : Interim results

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Trading Update and Notice of Interim Results
Mattioli Woods plc (AIM: MTW.L), the specialist wealth management and employee benefits business, today issues the following trading update in advance of its interim results for the six months ended 30 November 2019, which are to be announced on Tuesday, 4 February 2020. Highlights
Improved margins following operational restructure
Total client assets of the Group and its associate of £9.4 billion at period end
Gross discretionary assets under management of £2.7 billion
Acquisition of The Turris Partnership Limited in December 2019
Strong financial position, with £20.0 million of cash at period end
Profit outlook for the current year in line with management's expectations
Ian Mattioli, Chief Executive, comments:
"I am pleased to report a return to revenue growth in the first half of this financial year, with increases in direct SSAS and SIPP fees and investment-related revenues. We have achieved this despite continued market and political uncertainty, albeit this uncertainty resulted in lower net inflows into the Group's bespoke investment services than in the equivalent period last year. "We are dedicated to maintaining our culture of putting clients first, developing our service offering and building a business that is sustainable over the long term. Supporting this, we have driven some further margin improvement, with additional efficiencies and cost savings realised following a planned restructure of our client facing operations and the migration of acquired pension portfolios onto our bespoke MWeb administration platform. These changes have been designed to enhance client service and experience, receiving positive feedback both internally and from clients. "We have continued to progress our strategic initiatives, including the further development of our own IT solutions where possible. In December 2019, we were pleased to announce the acquisition of The Turris Partnership Limited, which is based in Glasgow, provides chartered financial planning and wealth management advice to clients, and has over £65 million of assets under advice. This followed the acquisitions of SSAS Solutions (UK) Limited and Broughtons Financial Planning Limited in the prior financial year, which are integrating well and contributed positively to our trading results since acquisition. "Consolidation within both wealth management and SIPP administration is expected to continue, and we will seek to build on our track record of successful acquisitions by continuing to assess opportunities that meet our strict criteria. "We continue to deliver solid investment performance across both portfolios and funds, with the team at the Group's associate company, Amati Global Investors, gaining further recognition through the Amati AIM VCT being named Best VCT at Investment Week's Investment Company of the Year Awards in November 2019. "We plan to build on the progress achieved in the first half over the remainder of this financial year. Events such as the suspension of the Woodford Equity Income Fund and the M&G Property Portfolio are likely to drive an increased demand for the holistic planning and expert advice we provide, and I anticipate greater client activity and increasing inflows into our bespoke investment services following the definitive general election result last month. "We continue to invest in our people, technology and infrastructure as we look to build upon our success to date. Clients need long-term advice and strategies more than ever before and we will continue to provide quality solutions, maintaining
our focus on client service and continuing to adapt our business model to the changing wealth management marketplace, integrating asset management and financial planning. "Our profit outlook for the year is in line with management's expectations and I believe we remain well-positioned to grow, both organically and by acquisition, to deliver sustainable shareholder returns." Notice of Interim Results
Mattioli Woods will be announcing its interim results for the six months ended 30 November 2019 on Tuesday, 4 February 2020. An analyst briefing given by Ian Mattioli, Chief Executive and Nathan Imlach, Chief Financial Officer will be held at 09:30 hrs on 4 February 2020 at Canaccord Genuity Limited, 88 Wood Street, London, EC2V 7QR. Those analysts wishing to attend are asked to contact Ed Gascoigne-Pees at Camarco on +44 (0) 20 3757 4984 or at ed.gascoigne-pees@camarco.co.uk. - Ends -
Notes to editors
Mattioli Woods is one of the UK's leading providers of specialist pension, wealth management and employee benefit services. Its core proposition integrates asset management and financial planning to serve the higher end of the market including controlling directors and owner-managed businesses, professionals, executives, and affluent retirees. Its comprehensive range of employee benefit services is particularly suitable for medium-sized to larger corporates. The Group's broader wealth management proposition has grown from its strong pensions advisory and administration expertise, with a client base of over 11,000 self-invested personal pensions ("SIPP") and small self-administered pension schemes ("SSAS") throughout the UK. The Group's assets under management, administration and advice total £9.4 billion. Mattioli Woods has a focus on holistic planning and providing the highest level of personal service, maintaining very close relationships with all its clients. The strength of its personal relationships has led to high levels of client satisfaction, retention and referrals. For more information, visit www.mattioliwoods.com . This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.comor visit www.rns.com . END

Mattioli Woods : Trading Update and Notice of Interim Results

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Mattioli Woods acquires the Turris Partnership
Mattioli Woods plc, the specialist wealth management and employee benefits business, has welcomed chartered financial planning firm, The Turris Partnership Limited, to its group in a deal worth up to £1.6mn. Mattioli Woods is one of the UK's leading providers of pension consultancy and wealth management services and its acquisition of the Glasgow based firm adds over £65mn in assets under advice, all five members of the team and will see them move into Mattioli Woods' Glasgow office in Q1 2020. The Turris Partnership was set up by Managing Director and well known industry figure Brian Steeples in 2003. His vision was to put his clients' best interests at the heart of everything, providing a high quality on-going service, a vision that matches that of Mattioli Woods. In 2005 Brian became the first president of the Personal Finance Society (PFS). The PFS was formed by the merger of The Society of Financial Advisers (SOFA) and the Life Insurance Association, and Brian had been an integral part of the creation of this professional body. He was also the first chartered financial planner to be awarded UK Chartered Financial Planner of the Year. Ian Mattioli MBE, Chief Executive Officer of Mattioli Woods said:
'We put a great deal of thought into any acquisition that we consider, as it is so important to make sure it is a good cultural fit. We have known Brian for many years and are pleased that he and his team are joining Mattioli Woods. It is an important acquisition for us, as we have been looking to expand our operations in Scotland, and opportunities to acquire such a well-respected business don't come along every day.' Brian Steeples, Managing Director, Turris Partnership, added:
'It isn't an easy decision to sell a business that you founded and successfully grew. I took a long time to find the right firm and am really pleased to now be part of the Mattioli Woods Group. Our clients and staff will continue to benefit from our strong ethos and culture of putting the clients' interests at the heart of everything we do. These values are an embedded part of both the Turris Partnership and Mattioli Woods' operations and is a key reason why this deal is such a good fit. The additional resources and support available within the Mattioli Woods Group will benefit clients and staff and we very much look forward to this exciting new phase.' Attachments

Mattioli Woods : acquires The Turris Partnership

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Acquired

Turris Wealth Management is a chartered financial planning firm. On December 20, 2019, Turris Wealth Management was acquired by Mattioli Woods.07M.

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