Mattioli Woods eyes more M&A as it reports £44m cash

Chief executive Ian Mattioli says firm is actively looking for both short and long-term M&A targets

Mattioli Woods

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Mattioli Woods is eyeing “bolt-on” opportunities to further grow the business as it reports having £44m of cash at the end of November.

In a trading update for the six months to the end of November, the wealth and asset management firm highlighted its “strong financial position” with £44.3m of cash.

Chief executive Ian Mattioli (pictured) said he anticipated further consolidation in the market and that the firm was actively looking for both short and long-term M&A targets to add to its more than 30 acquisitions so far.

Mattioli said: “We expect to continue to assess and progress bolt-on opportunities in the nearer term as well as potentially more substantial opportunities in the longer term, with all potential transactions required to meet our strict investment criteria and due diligence procedures.”

Mattioli added the acquisitions of Maven Capital Partners and Ludlow Wealth Management, both completed during the period, had contributed positively towards the results and were trading ahead of budget.

The company’s total client assets were £15.1bn at the end of November, while its gross discretionary AUM jumped 55% on the year before, hitting £5.1bn.

It said revenue growth was in excess of 10% with an increased new business pipeline, while total revenues were £49.9m, up from £29.5m in the first half of the year.

Mattioli added: “The group’s trading outlook for the current financial year remains in line with management’s expectations and Mattioli Woods remains well-positioned to deliver sustainable shareholder returns.”

 

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