Wealth management and pension specialist Mattioli Woods announced a north-east acquisition along with its latest results yesterday.
The company, which employs more than 500 people in branches in Leicester, London, Aberdeen, Glasgow, Newmarket Buckingham and Preston, said it had bought the business and assets of Maclean Marshall Healthcare (MMH) for £225,000.
Based in Stonehaven, MMH has been advising private and corporate clients on all aspects of private medical insurance.
There were only two partners in the business and no other employees. Director Sharon Marshall has joined Mattioli Woods and Alison MacLean, the other partner, has decided to retire.
Mattioli Woods said the clients, including about 80 corporate customers, would immediately be dealt with under its own brand.
Chief executive Ian Mattioli added: “Our strategy is to grow our employee benefits business organically and by acquisition, increasing market share and enhancing our reputation.
“Acquiring new clients that are complementary to our existing business is a key part of this strategy”.
Alan Fergusson, who was among the directors of Aberdeen firm Kudos Financial Services who picked up cash and shares worth a total of £3.94million around the time of its acquisition by Leicester-based Mattioli Woods in 2011 and is now the group’s employee benefits director, said the acquisition added “significant client bank” and opportunities to diversify.
He added: “Sharon’s expertise will add to the knowledge and experience within our healthcare team.
“Maclean Marshall Healthcare mirrors our core values enabling us to continue our tradition for building long-term client relationships through trusted advice, high service standards, personalised delivery, and the creation of an environment in which our clients and associates want to be a part”.
Group results for the six months to November 30 showed a 20% increase in revenue to £19.9million and a 29.5% increase in total assets under management administration or advice to £6.49billion.
Mr Mattioli said: “We grew revenue by 20.0% and saw our discretionary assets under management pass the £1billion milestone, growing by over 24.1% to £1.08billion, despite the adverse impact of volatile investment markets on equity and bond values.
“Acquisitions continue to be a core part of our growth strategy and we anticipate there will be further opportunities to expand the group’s operations.”