Mattioli Woods set to benefit from Brexit
Leicester-based wealth management firm says it is gearing up for an increase in business because of the UK’s decision to leave the EU.
Ahead of its final results for the year ending 31 May, the firm announced to the London Stock Exchange this morning that revenues are predicted to be 20 per cent up along with a record number of new client wins.
Ian Mattioli, chief executive, said: “I am pleased to report another year of growth in line with our expectations, with revenues up over 20% on the prior year despite unsettled markets. We have enjoyed strong growth in our wealth management business, with the Government’s new pension freedoms creating additional demand for advice. The five businesses acquired during the year are integrating well and have all contributed positively to the Group’s trading results since acquisition.
“Further consolidation in the SIPP market appears likely, with increased regulatory capital requirements for SIPP operators coming into effect from 1 September 2016, and we continue to seek further value-enhancing acquisitions. We were delighted to be one of only three operators to be awarded an ‘A’ rating in a recent report on the sustainability of the bespoke SIPP market.
“As in previous times of change, we expect a natural increase in the demand for high-quality financial advice. Our proposition as adviser, product provider and asset manager positions us well to deal with the challenges of changing investment markets to secure better outcomes for our clients.
“The employee benefits market has adjusted following the abolition of provider commissions in April 2016 and I am delighted over 100 new corporate clients were attracted to the Group’s broader range of employee benefits services during the year.
“The need for advice from both corporates and their staff is likely to be enhanced following the UK referendum result, so I expect our Executive Financial Counselling and Financial Education initiatives will continue to gather pace.”
In August 2015, Mattioli Woods announced plans to build a new central Leicester office on the site of the former Leicester City Council headquarters at New Walk, Leicester. The firm confirmed it is in the process of agreeing the full and final specification with the developer and contractor, with construction to start. thereafter.