Mattioli Woods PLC – 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 to cancel the option to acquire the remaining 51% of its issued share capital.  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.”