Mattioli Woods is expecting to hit the acquisition trail for bolt on buys and more “substantial” purchases over the near and longer term.
The advice business confirmed it was still in the acquisition mood in a trading update issued to the stock exchange.
In August, the firm announced the acquisition of protection, health and employee benefits consultancy Richings Financial Management and joined the Association of Medical Insurers and Intermediaries the following month.
“We anticipate further consolidation within the wealth management, pensions administration and financial planning sectors, with many more opportunities coming to market,” it said in the satement.
“The group expects to build upon its strong track record of successful acquisitions by continuing to assess and progress bolt-on opportunities in the nearer term as well as potentially more substantial opportunities in the longer term, with all required to meet its strict investment criteria.”
Mattioli Woods reported that recent acquisitions were performing and integrating well with cost synergies identified on the purchases of Maven Capital Partners and Ludlow Wealth Management already starting to be realised.
Touching on its performance, the update revealed net inflows into the group’s investment and asset management services and the number of new clients on-boarded in the financial year to date are ahead of the prior year.
It added there was an increasing pipeline of new business enquiries, with organic revenue growth in excess of 10% for the period.
The firm said its trading outlook for the current financial year remains in line with management’s expectations and that it remains well-positioned to deliver sustainable shareholder returns.
A more comprehensive trading update is expected to be released in early January 2022.