The regulator is on a long-term campaign aimed at limiting the promotion of unregulated funds, restricting their use to all but the most sophisticated of investors. This is proving a headache for Mattioli Woods, with a large number of its clients accessing its property syndicate initiative.
In a trading update, published ahead of its interim results, Ian Mattioli, chief executive, said: “Following the completion of one new syndicate in June, we have not completed any further syndicates while we consider adopting an alternative structure to deliver our property investment initiative to the wider market. This has resulted in lower syndicate revenues than in the prior year.”
Mattioli Woods acquired IFA Atkinson Bolton in July, which has helped revenues increase over 20% year-on-year. The group’s total assets under management, administration and advice are in excess of £4bn, with discretionary AUM at £500m.
