Mattioli Woods sees AUM drop 8%
Ian Mattioli, chief executive and co-founder of Mattioli Woods
The wealth and asset manager saw gross discretionary assets under management drop 7.8%, from £5.1bn to £4.7bn, it revealed in a trading update for the year ended 31 May 2023.
Despite the drop in AUM, the firm saw inflows of £577m, at 11.3% of opening assets, were offset by negative market movements, it added.
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Ian Mattioli, chief executive and co-founder of the firm, pointed to a 3% growth in revenue despite «the sustained market and economic complexity».
He credited the «strong growth» within the firm's core pension consultancy and employee benefits business segments, which saw client demand boosted after the changes to pension and tax rules in the Spring Budget.
This, along with new business development and marketing initiatives, led to a 16% growth in new business inquiries, Mattioli said.
«We expect the current macroeconomic conditions and recent legislative changes to drive continued demand for advice,» he added.
Meanwhile, inflation continues to be a pressure point for the firm, as Mattioli said it aims to manage costs, «while continuing to invest in our people, to create capacity or improve efficiency».
However, he added: «Inflationary pressures continue to impact wages and other costs across the group.»
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Over the trading year, the firm acquired Doherty Pension & Investment Consultancy and a 50.1% stake in White Mortgages.
«Integration of acquired businesses and realisation of revenue synergies across the group remains a key area of focus,» said the co-founder.
The firm also revealed it had promoted Michael Wright to deputy CEO, having
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