Client assets at wealth manager and SIPP provider Mattioli Woods rose 42% to £15.1bn over the six months ending 30 November 2021.

Gross discretionary assets under management rose 55% over the half to £5.1bn.

The wealth manager and SIPP provider released a trading update in advance of its interim results which are to be announced on 8 February.

Whilst much of the growth in client assets came due to recent acquisitions, the firm also saw strong organic revenue growth in excess of 10%.

During the six months ending 30 November Mattioli Woods completed its two largest acquisitions to date, Maven Capital Partners and Ludlow Wealth Management.

According to the trading update, both acquisitions are now integrated and performing ahead of budget.

Total revenues for the wealth manager and SIPP provider for the six months ending 30 November were £49.9m. This compares with £29.5m for the previous half, but the firm said their revenues are typically higher in the second half than in the first.

Ian Mattioli, chief executive of Mattioli Woods, said: "The first six months of this financial year saw us build momentum despite the complexities, economically and politically, that persisted throughout 2021. During the period, we proactively balanced securing good financial outcomes for our clients with ensuring the long-term sustainability of our business, and I am pleased to report further material progress towards our strategic medium-term goals, with total client assets now at £15.1 billion.”

He added that the firm continues to look for more acquisition opportunities within the Financial Planning, wealth management, pensions administration, and asset management sectors.

He said: “We anticipate further consolidation within the wealth management, pensions administration, asset management and financial planning sectors, with many more opportunities coming to market. 

“We expect to continue to assess and progress bolt-on opportunities in the nearer term as well as potentially more substantial opportunities in the longer term, with all potential transactions required to meet our strict investment criteria and due diligence procedures.

“We remain committed to our culture of putting clients first and to delivering our ambitious growth plans for the business.”

The firm held £44.3m in cash as at 30 November.