Wealth management specialist Mattioli Woods has reported a £400 million rise in the value of clients’ assets that it looks after – taking the figure to £15.3 billion. The Leicester-headquartered firm and its associated businesses reported the rise in accounts showing revenues up 2.8 per cent to £111.2 million.
Group pre-tax-profit was up almost 50 per cent at to £11.9 million, while the total number of people working within the business grew to 896, up from 847 in 2022.
Mattioli Woods’ pension and wealth management offerings serve the higher end of the market, for clients such as directors and business owners, professionals, executives, and “affluent” retirees.
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It also provides employee benefit services to medium-sized to larger corporates.
The growth was put down to a combinations of organic growth and the contribution of acquisitions for the year ended May 31. New businesses brought under the Mattioli Woods umbrella in recent months include Doherty Pension & Investment Consultancy, Maven Capital Partners, Ludlow Wealth Management Group and Richings Financial Management. It also took a 50.1 per cent stake in White Mortgages.
The group said its medium-term plans were to deliver revenues of £300 million and grow client assets under management to £30 billion.
The business said outlook for the current year remained in line with management expectations.
The latest accounts come after the recent appointment of Michael Wright – who joined Mattioli Woods in 2004 after graduating from the University of Leicester – as its new deputy chief executive.
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Chief executive Ian Mattioli MBE, who launched the business in the early 1990s, said: “The last few years have been complex for our clients. This has reinforced our commitment to putting clients first and developing our service offering.
“We are building a business that is sustainable and ethical, but resilient over the long term, and I am pleased to report this approach has delivered revenue growth of 2.8 per cent to £111.2 million, reflecting the combined impact of organic growth of 3.7 per cent and the revenue contribution of recent acquisitions being partially offset by the market impact on ad valorem, placement and performance fees.”
He added: "Over 31 years since founding the Company, I continue to be thankful and humbled by the enduring culture of professionalism, positive mindset and commitment that our entire team continues to show when managing our clients' affairs throughout another complex year.
“I look forward to the future with confidence."