Pensions and wealth management firm Mattioli Woods has acquired employee benefits and wealth management business Atkinson Bolton.
The deal will see an additional £420 million of funds under management and advice, with 50 employees added to the group, which now employs more than 300 staff and has more than £4 billion of assets under management, administration and advice.
Ian Mattioli (pictured), chief executive of Mattioli Woods, said: “This is another step forward in our development as a broader wealth management business and offers us the ability to provide additional value-added services to [employer] clients of both firms.
“We believe the retail distribution review (RDR) will bring about fundamental change in our sector. The myriad small advisory firms in the UK may well give way to a market populated by larger and better resourced new-style 21st-century financial services businesses, which provide high‑quality advice, supported by a broad range of trusted and effective in‑house investment services.
“This acquisition will enhance the enlarged business’ ability to deliver this.”
James Bolton, managing director of Atkinson Bolton, added: “We look forward to continuing to develop Atkinson Bolton as an integral part of the group for the benefit of [employer] clients, employees and shareholders.
“With the added benefits of scale, more locations and breadth of service, we can enhance delivery across each of our corporate employee benefits, wealth management and investment propositions.”