Mattioli Woods trading in line as solid demand continues

26th Oct 2023 10:59

(Sharecast News) - Specialist wealth and asset manager Mattioli Woods reported consistent demand for its advisory services in an update on Thursday, resulting in growth in its advisory business.

The AIM-traded firm, which was holding its annual general meeting, said that it had welcomed 249 new clients into its fold in the current year.

It added that it had been actively enhancing its investment offerings, with Maven, its private equity branch, performing well and seamlessly integrating across the group.

A robust pipeline of deals was said to be on the horizon, set to benefit the company's qualifying clients.

Mattioli Woods also noted the introduction of a new pension banking proposition aimed at providing clients with improved interest rates and the company with a bolstered banking margin.

At the same time, the implementation of the group-wide client relationship management system Xplan was progressing to enhance operational efficiency.

Regarding financial performance, Mattioli Woods said it was on track and aligning with the board's expectations.

As part of its long-term strategic planning, chair and non-executive director David Kiddie was stepping down following the meeting.

The board said he would continue to support the company in a consultancy role, contributing to developing its investment proposition.

Anne Gunther was set to take over the role of chair, with her appointment receiving regulatory approval and taking effect on Thursday.

Non-executive director Edward Knapp had meanwhile resigned from the board due to other business commitments, and as a result, the AGM resolution concerning his re-election would not be proposed.

The board said it was actively identifying suitable candidates for the position of independent non-executive director, with appointments expected following due diligence.

At 1031 BST, shares in Mattioli Woods were down 0.77% at 491.2p.

Reporting by Josh White for Sharecast.com.