Mattioli Woods subsidiary makes £1.2m swoop for Glasgow firm
Leicester wealth management firm Mattioli Woods has revealed that its subsidiary Ludlow Wealth Management Group has made a swoop Glasgow-based Ferguson Financial Management in a deal worth up to £1.2m.
Ferguson provides financial planning and wealth management services to over 200 private client families with approximately £80m of assets under advice. As part of the deal, one employee will join Mattioli Woods and operate from the group’s existing Glasgow office.
In the year ended 31 October 2020, Ferguson generated revenues of £340,000 with a profit before taxation of £160,000.
Michael Wright, group managing director of Mattioli Woods, said: “We are pleased to complete Ludlow’s first acquisition since joining the group. We continue to work closely with Ludlow’s experienced team as we pursue other transactions of a similar nature to further expand our growing wealth management presence in the north of England and Scotland”.
Ian Hemingway, chief executive of Ludlow, said: “Ludlow has a track record of successful deals involving retiring financial advisers, a model which Mattioli Woods continues to support. We look forward to working with the Ferguson team to responsibly integrate their clients into the Group over the coming months, whilst continuing to explore other opportunities within the market.”