Mattioli Woods, the Leicester-based specialist wealth and asset management business, has acquired Doherty Pension & Investment Consultancy Limited (Doherty’s) from its shareholders for a total consideration of up to £15.048 million, adding scale to the group’s existing operations in Northern Ireland.
Founded in 1985, Doherty is an established financial planning and wealth management business with specialist pension expertise and a discretionary investment management offering.
Doherty’s currently advises approximately 1,320 private clients, including specialist pension advice on SSASs, with combined assets under advice and administration of over £635 million.
Doherty’s has a strong regional presence in Belfast and employs 28 staff. Doherty’s experienced management team will be retained by Mattioli Woods following the acquisition.
In the year ended 31 December 2021, Doherty’s generated revenues of £2.92 million with a profit on ordinary activities before taxation of £1.45 million.
Michael Wright, Group Managing Director of Mattioli Woods, said: “It is very rare that such a great opportunity to bring one of the largest financial planning businesses in Northern Ireland into the Mattioli Woods Group presents itself. In over 30 years of operations, Doherty’s has built a solid and respected reputation, with integrity and professionalism at the heart of its client service.
“It was clear from our initial discussions that Doherty’s is a great fit culturally and strategically, including a focus on long-term client relationships, serving a similar client base to our existing business. This acquisition is an important step forward for Mattioli Woods, strengthening our position as the only SSAS and SIPP operator based in Northern Ireland.
“We are delighted to welcome Terry, Alan, John and their team into the group. There are many complementary elements between our businesses enhancing our specialist pension, discretionary portfolio management and financial planning propositions. We believe the range of products and services that Mattioli Woods has to offer can support the excellent outcomes from which Doherty’s clients already benefit.”
Terry Lappin, Managing Director of Doherty’s, added: “We are delighted to be joining the Mattioli Woods Group as the synergy between our companies was obvious from our very first discussion. This can only improve our client offering and we are looking forward with enthusiasm to what can be achieved.”
