Mattioli Woods builds £23m cash pile to fund acquisitions

Mattioli Woods, the wealth management, SIPPs and employee benefits business, has build up a substantiall cash pile of £23m which it may use to fund further acquisitions, is says. For the year ended in May the company - which has acquired five businesses in the past 12 months - said annual revenue had risen 17.4% to £50.5m (2016: £43m) and total client assets were up 17.5% to £7.77bn. Chief executive Ian Mattioli says that further acquisitions remain on the cards. The acquisitive Leicester-based company has net cash in the bank of £23m.He said: “Sustained demand for advice and the continued development of our investment and asset management proposition have driven strong new business flows, which together with acquisitions completed in the current and prior financial year increased total client assets under management, administration and advice by 17.5% to £7.77bn (2016: £6.61bn) at the year end. “Acquisitions remain a core part of our growth strategy. In September 2016, we were pleased to acquire MC Trustees, bringing additional scale and expertise to our pension administration business and the group’s strategic investment in Amati in February 2017 brings a new dimension to our asset management business. Amati’s total funds under management have increased from £120m at acquisition to over £178m today.” “The five businesses acquired during the previous financial year have integrated well and all have contributed positively to the Group’s trading results since acquisition. Mattioli also invested £98.4m in its new Mattioli Woods Structured Products Fund during the year as the group moves into a wide range of wealth management services. It also achieved organic growth of 11.6% (2016: 8.5%) and saw 1,200 new clients wins and its number of consultants rise from 104 to 115. It opened a new Manchester office and moved offices in London and Glasgow to new locations.Recent the company restructured its management and board, creating a new senior executive team and reducing the size of our board to eliminate duplication between it and the senior executive team. The board now has three executive directors and three non-executive directors.

Mattioli Woods builds £23m cash pile to fund acquisitions

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