Strong six months for Leicester wealth and asset manager
The boss of Leicester wealth and asset management firm, Mattioli Woods, has praised his staff after the firm posted “resilient” results for the first six months of its financial year.
In a trading update ahead of the firm’s half-year results, to be announced on February 6, Mattioli Woods says it expects revenues to have risen by 8% to £59.1m for the six months to November 30. This includes a 4% rise in organic growth, with a “robust” new business pipeline.
Total client assets dropped slightly from £15.3bn to £15.2bn – a reduction brought about by £155m of downward market movements.
Ian Mattioli MBE, chief executive, said: “I am pleased to report revenue growth in the first six months of this financial year, despite the challenging macroeconomic backdrop that continues to affect client sentiment and market value of clients’ assets. Revenues were 8% higher and the group delivered organic revenue growth of 4%, reflecting the resilient nature of our revenue model combining fee-based revenues for specialist advice and administration with ad-valorem investment management revenues linked to the value of clients’ assets, despite a slight fall in the value of client assets under advice and administration during the period.”
“We enjoyed particularly strong growth within our core pension consultancy and employee benefits business segments, with the proposed changes to pension and tax rules announced in the Chancellor’s recent Autumn Statement driving strong demand for advice.”
“We continue to focus on the integration of recently acquired businesses, with realisation of revenue synergies across the group remaining a priority. We also completed a detailed review of our current investment offering for clients during the period which has identified opportunities for enhancing group revenues whilst reducing clients’ costs. Our focus will now shift to implementing these strategic changes for the benefit of both our clients and shareholders.”
