Brokers profit from Mattioli Woods’ successful £110m fundraising

Mattioli Woods has raised a further £2m following its successful fundraising last month to support two significant acquisitions.

The wealth manager bought private equity firm Maven Capital Partners for £100m and Ludlow Wealth Management for £43.5m. It raised £110m through a share issue to fund the deals.

The £2m broker option is priced at the same level as the 660p share placing. Mattioli Woods’ shares closed last night at 715p, producing a paper gain of £170,000

The Leicester-based group has been busy on the acquisition trail in recent months.

In April it acquired Leicester-based Pole Arnold Financial Management in a deal worth up to £7m and Scottish firm Caledonia Asset Management for £1.6m, while in February it paid £2.3m for London firm Montagu.

The fundraising is subject to approval at a general meeting on June 16.