Pensions consultancy Mattioli Woods has acquired City Trustees and City Pensions for £1.8 million.
Pensions consultancy Mattioli Woods has acquired City Trustees and City Pensions for £1.8 million.
The acquisition from Lighthouse Group is to be funded from existing cash resources and is expected to be earnings enhancing in the first full year of ownership.
Established in 1996, City Trustees administers around 1,100 pension schemes and has total funds under trusteeship of over £300 million. The firm also offers pensions consultancy to professional advisers and their clients.
In the year to December 2009, City Trustees declared a loss of £56,000 on a turnover of £780,000 and had assets of £413,000. The firm’s administration staff will be retained by Mattioli Woods following the acquisition.
Bob Woods, executive chairman of Mattioli Woods, says: ‘In addition to providing a London base for our Group and increasing the scale of our core SIPP and SSAS operations, the acquisition brings the opportunity to expand our range of services through the development of a separately branded administration proposition. It is our ambition to continue expanding Mattioli Woods’ operations both organically and by acquisition, as demonstrated by the purchase of City Trustees.’
AIM-listed Mattioli Woods provides retirement wealth management and pension consultancy services to directors, owner-managed businesses and small to medium-sized PLCs. The Leicester-based group has over 4,000 pension fund clients in the UK with total funds under trusteeship in excess of £2 billion.
