This stemmed from needing approval under the National Security and Investment Act which was now likely to be satisfied in August.

It means that the court sanctioned scheme of arrangement, under which the deal is being implemented, will now likely become effective in September, and not August as originally thought.

The statement said: “Mattioli Woods is currently working with Bidco to seek to satisfy the NS&I Act condition approval for the transaction.

“In the announcement by Mattioli Woods on 1 July 2024, it was announced that the Scheme was expected to become Effective in August 2024, subject to the satisfaction or waiver of the remaining Conditions. As the NS&I Act condition is expected to be satisfied in August 2024, the Scheme is now expected to become Effective in September 2024, subject to satisfaction or waiver of the remaining Conditions.”

The Financial Conduct Authority has already approved the deal.

Mattioli Woods, which has £15bn of assets under management, agreed to be taken private by private equity firm Pollen Street in a deal in March.

The offer comes at a 34% premium to share price, and has been recommended to shareholders by the Mattioli Woods board.

If the deal receives shareholder approval, it will see the wealth manager transitioning to private ownership.

Bidco intends to implement the transition through a scheme of arrangement, which it expects to become effective in either the second or third quarter of 2024.

Ian Mattioli, Mattioli Woods CEO, said: “Since our admission to Aim in 2005, we have seen significant expansion in both the size and nature of our business, integrating asset management, financial planning and employee benefit services to serve personal and corporate clients throughout the UK.

“We have a strong track record of combining like-minded businesses that share the same culture and ethos of putting clients first. The team at Pollen Street share our passion for delivering exceptional client outcomes and have demonstrated their ability to partner with entrepreneurial financial services business.

“I believe that with Pollen Street’s support and access to capital we can accelerate the delivery of our strategy and provide our clients with the proactive advice and bespoke investment solutions they require.”

This article was written for our sister title Portfolio Adviser

The two firms said the product aims to capitalise on the “exciting opportunity set” in income-producing assets.

T Rowe Price’s head of multi-asset solutions Yoram Lustig and multi-asset solutions strategist Michael Walsh have been named investment advisers for the portfolio.

The portfolio adds to the existing range of income products available to Mattioli Woods clients, which includes Custodian Reit, and the £72.8m Property Securities fund.

See also: ’60/40 portfolio not as effective as it once was’ says T Rowe Price head of multi-asset solutions

Dean Cheeseman, Mattioli Woods managing director of client investment solutions, said: “We selected T Rowe Price for its collaborative approach and focus on delivering great client outcomes, something which is increasingly important in the evolving savings and retirement market.

“From its US heritage, T Rowe Price has extensive experience in multi-asset and retirement solutions. Through our partnership, our clients will benefit from the combined experience of Mattioli Woods in financial advice and the global asset management experience of T. Rowe Price.”

Nat Terry, head of UK and Ireland at T Rowe Price, called the move an “important step” for the US firm as it seeks to build out its UK presence.

Mattioli Woods currently manages £15bn in assets under advice and administration.

This article was written for our sister title Portfolio Adviser

The wealth and advice group made the comment in a trading update in which it revealed revenue up 8% to £59.1m in the second half of 2023 and 374 client wins worth £82.2m in new assets.

The group’s total client assets fell slightly to £15.2bn from £15.3bn in the first half, which it attributed to market movements.

The firm added that it considers itself to be in a strong financial position, with £32.7m of cash on the books, and that the business has performed well despite ‘complex’ market conditions.

See also: Söderberg & Partners makes further IFA purchases

To complement the growth achieved through takeovers, Mattioli Woods will also expand the training capacity of its Adviser Academy, and more than double the intake of trainees over the coming years.

Its core pension consultancy and employee benefits business segments have seen particularly strong demand following changes announced in the Autumn Statement, the group noted. Consumer Duty remains an important focus.

Turning to governance, the firm confirmed the December appointment of Alison McKinna as an independent non-executive director.

Chief executive Ian Mattioli commented: “I am pleased to report revenue growth in the first six months of this financial year, despite the challenging macroeconomic backdrop that continues to affect client sentiment and market value of clients’ assets.

See also: What does 2024 hold in store for the wealth management industry?

“We continue to focus on the integration of recently acquired businesses, with realisation of revenue synergies across the group remaining a priority.

“We also completed a detailed review of our current investment offering for clients during the period which has identified opportunities for enhancing group revenues whilst reducing clients’ costs. Our focus will now shift to implementing these strategic changes for the benefit of both our clients and shareholders.”

With a potential further consideration of up to £0.71m dependent on the attainment of specified performance targets in the year after completion.

Blackpool-based Opus provides financial planning and wealth management services to private client families with approximately £53m of assets under advice.

Michael Wright, deputy chief executive of Mattioli Woods, said: “We’re delighted to welcome Opus Wealth Management to the Mattioli Woods Group, as part of the Ludlow business.

“We’ve highlighted we have a strong pipeline of bolt-on acquisition opportunities that can help us accelerate and complement our organic growth. This transaction marks another step towards our strategic goals.”

Ian Hemingway, chief executive of Ludlow, added: “I expect our familiarity with the Opus team and our shared approach to looking after clients to facilitate a smooth integration over the next few months.

“This acquisition further strengthens our operations in the North West as we look to build upon our existing presence in the area.”