British wealth manager Mattioli Woods has acquired a 49% stake in fund manager Amati Global Investors in a £3.3m deal.
The deal also includes an option to purchase the remaining 51% Amati stake in two years starting February 2019. In the event of Mattioli not opting to buy the remainder stake, Amati could exercise the option to buy back the initial 49%.
Three senior directors of Mattioli Woods, including Ian Mattioli, will join Amati’s board as part of the deal.
The management of Amati funds and portfolios will however remain unchanged, and will continue to be operated by Paul Jourdan, Douglas Lawson, and David Stevenson.
Mattioli Woods CEO Ian Mattioli said: “Our investment in Amati represents an exciting extension to our existing asset management business and is another important step forward for Mattioli Woods as we continue to expand our operations.
“Amati is a great fit culturally and strategically. There are few specialist UK fund managers with such a long and stable heritage, utilising the combined experience of an investment team with over 50 years' knowledge of UK smaller companies.”