Wealth manager Mattioli Woods has purchased 100% of the issued share capital of Belfast-based pension advisory firm SSAS Solutions (UK).

The wealth manager will offer a maximum consideration of £4.01m for the deal.

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This includes an initial payment of £2.51m.

The initial amount will be a combination of cash payment of £1.25m and 162,654 new ordinary shares worth 1 pence each in Mattioli Woods.

A cash payment of up to £1.5m will be done on the first and second anniversaries of deal completion.

However, this payment will depend on the fulfillment of certain financial targets.

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Mattioli Woods expects the deal to be “earnings enhancing in the first full year of ownership”.

The wealth manager intends to retain the leadership team of SSAS.

Mattioli Woods CEO Ian Mattioli said: “The transaction gives us an exciting new distribution channel for Mattioli Woods’ services, with the opportunity to enhance the existing client offering to include Self-invested Personal Pensions (“SIPPs”).

“I believe extending our geographic footprint strengthens our position, making the Group the only SSAS and SIPP operator based in Northern Ireland.”

Ian Mattioli calls SSAS a cultural and strategic fit, adding that the company caters to a similar client base as that of Mattioli Woods.

Founded in 2009, SSAS offers advisory services for small self-administered pension schemes.

It serves as a practitioner to 350 such schemes managing around £380m in assets.

The business has a staff headcount of 12.

It posted pre-tax profit of £0.61m and revenues of £1.01m for the year ended 31 March 2018.