Monday, March 1, 2021

Mattioli Woods acquires BDO business

Mattioli Woods, the Leicester-based wealth management and employee benefits business, has acquired the Exempt Property Unit Trust (EPUT) business of BDO Northern Ireland for a nominal initial consideration plus (capped) deferred consideration representing 50% of BDO NI EPUT profits before tax for the 30 months following completion.

Mattioli Woods has also acquired the entire issued share capital of Callender Street Nominees Limited from Aqua Trust Company Limited in Jersey as part of the transaction.

The EPUT business’s experienced team of three employees will join Mattioli Woods and operate from the Group’s existing office in Belfast.

The EPUT business provides trustee and administration services to over 100 EPUTs with total funds under trusteeship of over £233 million.

Commenting on the transaction, Murray Smith, Founder Director of Mattioli Woods, said: “We are delighted to expand our existing operation and client proposition in Northern Ireland by working with BDO NI to bring their highly experienced EPUT team together with our team in Belfast, to create a highly complementary addition to our specialist pension consultancy and administration services. We intend to continue growing our wealth management business in Northern Ireland to deliver the best possible client service.”

Nigel Harra, Senior Partner at BDO Northern Ireland, said: “This announcement is a boost of confidence in the Northern Ireland market and in our EPUT team at BDO NI. We are thrilled to be working with Mattioli Woods who share our focus on putting the client first and providing them with a dedicated, bespoke service.  This investment and Mattioli Woods’ shared client-focused approach provides the team with the opportunity for further growth and development, and as a spring-board for continuing success.”

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