In a stock exchange notice today (6 February), the wealth manager said the demand was driven by proposed pension and investment reforms and market conditions.
Revenue over the same period climbed to £59.1m, up 8%. Meanwhile, its expanded ‘MTW Adviser Academy’ increased its adviser base to 148, from 132 in the first half of 2023.
Gross discretionary assets under management stood at £4.6bn, with gross inflows of £326.4m, compared to £314.1m in the first half of 2023.=
Mattioli Woods axes ‘small number’ of investment jobs as part of proposition changes
It said an increase in new business led to organic growth of 4%, which was partly offset by the market impact on ad valorem fees of a 0.4% reduction in total client assets.
Chief executive Ian Mattioli said: “The group’s improved organic growth resulted from a combination of clients’ demand for advice and proactive communication by advisers, with a 13% increase in the value of new clients on boarded in the first half versus the equivalent period last year.”
Mattioli said the firm plans to build on this position through advancing key strategic initiatives, such as new business generation, investment in adviser academy training programmes and developing its investment proposition.
Other initiatives include developing new products and services, reviewing its processes, and investing in technology to deliver operational efficiencies and growth through the integration of strategic acquisitions.
“Our trading outlook for the year remains in line with management’s expectations and we believe the group remains well-positioned to take advantage of the growth opportunities in the UK wealth market and deliver sustainable returns for our stakeholders,” he added.
Dean Cheeseman joins Mattioli Woods in new investment role
Last month, Investment Week reported that Mattioli Wood would be cutting a number of jobs in its investment team on the back of the recently announced restructuring of its investment proposition.
“We have recently announced some changes to our investment proposition as part of our ongoing efforts to enhance and expand our investment solutions for clients,” a spokesperson said.
The firm added that as a result of these changes, aimed at enhancing client outcomes and reducing consumer costs, a “small number” of the investment team have left the business following the restructure, but declined to disclose specific members.
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