Amati Global Investors, a fund manager headquartered in Edinburgh, has cancelled the purchase option of Mattioli Woods.

In 2017, British wealth manager Mattioli Woods purchased a 49% stake in Amati that focuses on UK small and mid-sized firms.

The deal, worth £3.3m, offered Mattioli Woods the option to buy the remaining Amati holding in two years.

Mattioli Woods agreed to cancel the option in return for a payment of £750,000.

Amati CEO and founder Paul Jourdan welcomed the move, saying that it will “provide a strong underpinning for future growth”.

Mattioli Woods CEO Ian Mattioli said: “Since Mattioli Woods’ initial investment, Amati has performed strongly in challenging markets.

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“During this period, it has seen funds under management grow from £120m to around £430m, won numerous industry awards, and the TB Amati UK Smaller Companies fund has been rated by three major fund research houses – Morningstar, RSM and FE Analytics.”

At the same time, Amati agreed to retain its existing policy of offering 10% of profits to charities that are registered in the UK.

Earlier this year, Mattioli Woods was in the news for its purchase of Belfast-based pension advisory firm SSAS Solutions.

At the end of November 2018, Mattioli Woods’ assets under management, administration and advice reached £8.8bn.