Specialist wealth management firm Mattioli Woods has announced a return to revenue growth in the six months up to 30 November 2019.

In addition, it claimed to have improved margins following an operational restructure.

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Total assets of the group were £9.4bn ($12.4bn) at period end with gross discretionary assets under management of £2.7bn.

Ian Mattioli, chief executive, said: “I am pleased to report a return to revenue growth in the first half of this financial year, with increases in direct SSAS and SIPP fees and investment-related revenues.  We have achieved this despite continued market and political uncertainty, albeit this uncertainty resulted in lower net inflows into the Group’s bespoke investment services than in the equivalent period last year.  

 “We are dedicated to maintaining our culture of putting clients first, developing our service offering and building a business that is sustainable over the long term.  Supporting this, we have driven some further margin improvement, with additional efficiencies and cost savings realised following a planned restructure of our client facing operations and the migration of acquired pension portfolios onto our bespoke MWeb administration platform.  These changes have been designed to enhance client service and experience, receiving positive feedback both internally and from clients.”

Furthermore, the firm acquired The Turris Partnership in December 2019, which is based in Glasgow and hold over £65m of assets under advice.

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Mattioli added: “We plan to build on the progress achieved in the first half over the remainder of this financial year.  Events such as the suspension of the Woodford Equity Income Fund and the M&G Property Portfolio are likely to drive an increased demand for the holistic planning and expert advice we provide, and I anticipate greater client activity and increasing inflows into our bespoke investment services following the definitive general election result last month.  

“We continue to invest in our people, technology and infrastructure as we look to build upon our success to date.  Clients need long-term advice and strategies more than ever before and we will continue to provide quality solutions, maintaining our focus on client service and continuing to adapt our business model to the changing wealth management marketplace, integrating asset management and financial planning.

“Our profit outlook for the year is in line with management’s expectations and I believe we remain well-positioned to grow, both organically and by acquisition, to deliver sustainable shareholder returns.”