25 May 2012

Good advice costs Mattioli

28/11/2011 Miles Nolan

Pensions consultancy to wealth management group Mattioli Woods (MTW) has warned on profits due to clients taking its advice and deferring on investment decisions.

As signalled at its AGM last month, the AIM listed firm has been trading in a challenging environment, the result of this was a decision to suggest clients hold off placing investments. Though such counsel has been well advised given the volatility of the markets, the lack of trading has dented its commissions.

Mattioli now expects profits to be lower than its initial expectations, which has led to a 16 per cent slump in its share price to 202.5p. On a brighter note, the recent acquisition of Aberdeen based Kudos has boosted the total funds under administration to £2.8 billion (£2.3 billion as at 31 May). New clients wins are also going well - 122 in the year to date.

Chief executive Ian Mattioli says 'the world is holding its breath and our response has been to keep clients informed.' However, Mattioli expects a stronger second half, as clients are advised on re-positioning their retirement and investment strategies.

House broker Canaccord Genuity is not planning material changes to its estimates, but plans to review profit forecasts when Mattioli reports interim results on 31 January. It argues the longer-term fundamentals of the fragmented market in which it operates remain, it also maintains its price target of 340p. Hold.

Tags: AIM market, Canaccord, Financial advisor, Kudos

Sector: General Financial

Companies: Mattioli Woods

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