Mattioli Woods quadruples discretionary AUM
Wealth manager Mattioli Woods has quadrupled discretionary assets under management to £750m in the year to May 2014.
It also doubled revenues from investment advice, to £3.78m. This helped to push the proportion of recurring revenues up from 54.2% to 76.9%.
The wealth management business reported a 39.4% jump in revenues, including a significant increase from the acquisition of Atkinson Bolton. Income from wealth management represented 30.6% of the group's total revenues.
As a whole, the firm recorded profit before tax of £5.1m, compared to £4.6m in 2013.
Setting out plans for growth, the group said a tougher regulatory landscape for self-invested personal pensions is likely to drive further consolidation in the pension provision market.
More generally, the Retail Distribution Review is likely to continue to encourage increasingly integrated business models, it said.
Executive chairman Bob Woods said: "We have strengthened our offering over the course of the year, with the acquisition of Atkinson Bolton and the appointment of our subsidiary, Custodian Capital, as discretionary investment manager of Custodian REIT plc.
"Our brand has been enhanced by us bringing our three core businesses together under the Mattioli Woods name and we have strengthened our board via two new appointments.
"With increasing complexity and continuing consolidation in both the SIPP and other key sectors in which we operate, we are confident there will be new opportunities to expand Mattioli Woods' operations, both organically and by acquisition."
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