Amati Global Investors buys out Mattioli Woods Purchase Option

19 June 2019

Amati Global Investors has successfully completed a transaction with Mattioli Woods plc (“Mattioli Woods”) to cancel Mattioli Woods’ option to acquire the remaining 51% of the company’s issued share capital. Mattioli Woods acquired 49% of Amati in February 2017 and the agreement also included the option to buy the remaining 51% of the issued share capital of Amati in the two years commencing 6 February 2019. As announced on 5 February 2019, Mattioli Woods agreed to cancel the option in return for a payment of £0.75m.

Citywire Group Ratings recognise the expertise of a group as a whole in managing money in one of Citywire’s 200+ investment sectors. Citywire Group Ratings reward the depth of talent that sits at the core of the best asset management houses. They are underpinned by Citywire’s unique fund manager database of over 15,000 fund managers who run over 23,000 funds in 42 countries.

“We are delighted to have developed this innovative model, which combines the benefits of operating an integrated business that Mattioli Woods enjoys with the kind of independence which has long been regarded as optimal for boutique fund management businesses.”

"Amati is an excellent fund manager that is growing well and sustainably in difficult markets. Given the success of the current arrangement over the last two years, I believe the group retaining our 49% interest in the joint venture offers the optimal structure for all its stakeholders."

Since Mattioli Woods’ initial investment, Amati has performed strongly in challenging markets. During this period, it has seen funds under management grow from £120m to around £430m, 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 the business in proportion to their equity holdings and Mattioli Woods’ 600-plus staff are actively involved in selecting recipients for its share. As a result, Amati supported over 80 additional charities last year across the UK.

Amati Global Investors is a specialist fund management business based in Edinburgh and founded in 2010. It focuses on UK small and mid-sized companies, with a universe ranging from fully listed constituents of the FTSE Mid 250 and FTSE Small Cap indices, to stocks quoted on the Alternative Investment Market ("AIM"). Products include an OEIC - the TB Amati UK Smaller Companies Fund; an AIM Venture Capital Trust - Amati AIM VCT; and an AIM IHT portfolio service. It has around £430m of funds under management.

Amati has won several awards in 2018/19, most notably: Morningstar Best UK Small / Mid Cap Equity fund 2018; Citywire Best UK Smaller Companies fund 2018; Paul Jourdan – FE Alpha Manager of 2018 for UK Smaller Companies. Amati Global Investors also manages the Amati AIM VCT, a top performing AIM VCT and the AIM IHT Portfolio Service which won Best AIM IHT Service from Investment Week for the past three years.

Mattioli Woods is one of the UK’s leading and fastest growing providers of specialist pension, wealth management and employee benefit services. Its core pension and wealth management offerings serve the higher end of the market including controlling directors and owner-managed businesses, professionals, executives, and affluent retirees. Its comprehensive range of employee benefit services is particularly suitable for medium-sized to larger corporates.

The Group’s broader wealth management proposition has grown from its strong pensions advisory and administration expertise, with a client base of over 10,000 self-invested personal pensions (“SIPP”) and small self-administered pension schemes (“SSAS”) throughout the UK. The Group’s assets under management, administration and advice totalled £8.8 billion at 30 November 2018.

Mattioli Woods has a focus on holistic planning and providing the highest level of personal service, maintaining very close relationships with all its clients. The strength of its personal relationships has led to high levels of client satisfaction, retention and referrals. For more information, visit www.mattioliwoods.com.