Sunday, May 22, 2022

Mattioli Woods subsidiary snaps up Scottish firm

Leicester-based Mattioli Woods, the specialist wealth and asset management business, has revealed that its subsidiary, Ludlow Wealth Management Group Limited, has acquired the trade and assets of Ferguson Financial Management Limited for an initial consideration of £0.6 million and potential further consideration of up to £0.6 million dependent on the attainment of specified performance targets in the year after completion.

Ferguson provides financial planning and wealth management services to over 200 private client families with approximately £80 million of assets under advice. Ferguson is based in Glasgow and as part of the deal an experienced employee will join Mattioli Woods and operate from the group’s existing Glasgow office.

In the year ended 31 October 2020, Ferguson generated revenues of £0.34 million with a profit before taxation of £0.16 million. At 31 October 2021, Ferguson’s gross assets were £0.19 million and net assets were £0.19 million.

Michael Wright, Group Managing Director of Mattioli Woods, said: “We are pleased to complete Ludlow’s first acquisition since joining the group. We continue to work closely with Ludlow’s experienced team as we pursue other transactions of a similar nature to further expand our growing wealth management presence in the north of England and Scotland.”

Ian Hemingway, Chief Executive of Ludlow, said: “Ludlow has a track record of successful deals involving retiring financial advisers, a model which Mattioli Woods continues to support. We look forward to working with the Ferguson team to responsibly integrate their clients into the group over the coming months, whilst continuing to explore other opportunities within the market.”

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemic having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.







Latest news

Related news

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close