Mattioli Woods, the UK-based pensions consultancy and wealth management business, saw its assets under management jump from £50 million to £510 million for the six months ending 30 November 2013.

Mattioli Woods, the UK-based pensions consultancy and wealth management business, saw its assets under management jump from £50 million ($82.9 million) to £510 million for the six months ending 30 November 2013.

The firm said in its interim statement that revenues increased in the first half by 19.4 per cent from £11.26 million to £13.44 million.

Profit before tax went up 13.5 per cent from £2.52 million to £2.86 million, while total client assets rose 33.3 per cent to £4.32 billion.

Wealth management revenues for the six months to the end of November increased 39.7 per cent to £4.08 million, with £560,000 of this increase generated by the acquisition of IFA Atkinson Bolton in July last year.  

The firm said that shift away from provider commissions as a result of the Retail Distribution Review increased recurring revenues from 64.4 per cent to 79.6 per cent.

Growth in client assets managed on a discretionary basis increased initial set-up and ongoing portfolio management charges from £490,000 to £1.85 million

"It is over a year since the Financial Conduct Authority introduced the Retail Distribution Review, heralding a period of unprecedented change in our key markets.  We remain committed to the creation of a new style 21st century financial services business, the essence of which is combining consultancy with the provision of our own bespoke products and services," said executive chairman Bob Woods.