Completion of Amati agreement

RNS Number : 6804C

Mattioli Woods PLC

19 June 2019

 

19 June 2019

Mattioli Woods plc

("Mattioli Woods" or "the Group")

Completion of Amati agreement

Mattioli Woods plc (AIM: MTW.L), the specialist wealth management and employee benefits business, is pleased to announce the completion of the agreement with Amati Global Investors Limited ("Amati") to cancel the option to acquire the remaining 51% of its issued share capital ("the Option").  As announced on 5 February 2019, given the success of the current arrangement, the Group believes that retaining a minority interest in the joint venture offers the optimal structure for all stakeholders.  Accordingly, the Group agreed to cancel the Option in return for a payment of £0.75 million from the management team. 

Ian Mattioli, chief executive of Mattioli Woods said:

"Amati is an excellent fund manager that is growing well and sustainably in difficult markets.  Amati has performed strongly since Mattioli Woods' initial investment.  During this period, it has seen funds under management grow from £120 million to around £430 million, won numerous industry awards, and the TB Amati UK Smaller Companies fund has been rated by three major fund research houses - Morningstar, RSM and FE Analytics.  

"In addition, as part of the previously announced transaction, Mattioli Woods has gladly agreed that Amati should maintain the policy it adopted at inception of giving 10% of profits to UK registered charities into the future.  These donations are directed by the owners of Amati in proportion to their equity holdings and Mattioli Woods' 600-plus staff are actively involved in selecting recipients for our share.  As a result, Amati supported over 80 additional charities last year across the UK."

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For further information please contact:

Mattioli Woods plc
Ian Mattioli MBE, Chief Executive Officer	Tel: [phone]
Nathan Imlach, Chief Financial Officer	www.mattioliwoods.com
Canaccord Genuity Limited (Nominated Adviser and Joint Broker)
Sunil Duggal		Tel: [phone]
David Tyrrell		www.canaccordgenuity.com
Emma Gabriel
N+1 Singer (Joint Broker)
Richard Lindley, Corporate Finance		Tel: [phone]
Justin McKeegan, Corporate Finance		www.n1singer.com
Tom Salvesen, Corporate Broking

Notes to editors:

About Mattioli Woods

Mattioli Woods is one of the UK's leading and fastest growing providers of specialist pension, wealth management and employee benefit services.  Its core pension and wealth management offerings serve the higher end of the market including controlling directors and owner-managed businesses, professionals, executives, and affluent retirees.  Its comprehensive range of employee benefit services is particularly suitable for medium-sized to larger corporates. 

The Group's broader wealth management proposition has grown from its strong pensions advisory and administration expertise, with a client base of over 10,000 self-invested personal pensions ("SIPP") and small self-administered pension schemes ("SSAS") throughout the UK.  The Group's assets under management, administration and advice totalled £8.8 billion at 30 November 2018. 

Mattioli Woods has a focus on holistic planning and providing the highest level of personal service, maintaining very close relationships with all its clients.  The strength of its personal relationships has led to high levels of client satisfaction, retention and referrals.  For more information, visit www.mattioliwoods.com. 

About Amati

Amati Global Investors is a specialist fund management business based in Edinburgh and founded in 2010.  It focuses on UK small and mid-sized companies, with a universe ranging from fully listed constituents of the FTSE Mid 250 and FTSE Small Cap indices, to stocks quoted on the Alternative Investment Market ("AIM").  Products include an OEIC - the TB Amati UK Smaller Companies Fund; an AIM Venture Capital Trust - Amati AIM VCT; and an AIM IHT portfolio service.  It has around £430 million of funds under management. 

Amati has won several awards in 2018/19, most notably: Morningstar Best UK Small / Mid Cap Equity fund 2018; Citywire Best UK Smaller Companies fund 2018; Paul Jourdan - FE Alpha Manager of 2018 for UK Smaller Companies.  The AIM IHT Portfolio Service has also won Best AIM IHT Service from Investment Week for the past three years. 

 

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