British wealth management firm Mattioli Woods has reported a 14.3% increase in its revenue to £23.41 million for the year ended 31 May 2013, compared to £20.48 million for the same period in 2012.
Profit for the year was £436 million, slightly up from last year’s £3 million income.
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Operating profit before financing was £4.5 million for the year, compared to £4.1 million in the year ago period.
The company was appointed to operate The HD SIPP in June 2013 following its earlier appointments to The Freedom SIPP and The Pilgrim SIPP.
Mattioli Woods said the launch of its portfolio management service in the first half was an important step forward in providing wealth management services to its clients.
The company’s discretionary proposition had attracted £187.2 million of assets under management since 1 September, increasing its recurring revenues.
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By GlobalDataMattioli Woods executive chairman, Bob Woods, said the company’s total client assets under management, administration and advice increased by 20.5% to £3.64 billion for the year with £301.9 million of assets added on the acquisition of Ashcourt Rowan’s pension business in April 2013.
"I believe we are well positioned to grow in the post-RDR world and we plan further investment in information technology, training and recruitment over the next 12 months," Woods said.
