Wealth manager Mattioli Woods has acquired a 49% stake in Amati Global Investors.
An option to buy the remaining 51% of Amati for a two-year period begins in February 2019. Should the option not be exercised, the ultimate controlling party of Amati, Amati Global Partners, can buy back the initial 49%.
Amati will continue to be managed by Paul Jourdan, Douglas Lawson and David Stevenson, with Ian Mattioli, and two other senior directors of Mattioli Woods, joining the Board. No change in the day-to-day running of the funds and portfolios is planned.
In a statement released this morning, Amati said: “This is a strong endorsement of Amati’s capabilities and reputation as a specialist fund manager focussed on UK quoted small and mid-sized companies.
“As well as the sound commercial and operational rationale for the partnership, during the course of negotiations it became clear that our businesses are highly complementary with similar values and business cultures. Whilst Amati has always been a profitable and well financed business, the presence of Mattioli Woods as a partner gives us increased confidence that we can prosper as a specialist fund management house in a changing regulatory environment.
“Mattioli Woods clearly understands that Amati’s people, structure and investment process have been integral to the Company’s success. Whilst both Amati and Mattioli Woods have ambitions for the growth of the Company, this will continue to be carefully managed to ensure that the management of the existing funds and portfolios is not compromised. At the same time, the support from Mattioli Woods in other areas of the business will provide Amati with valuable assistance in taking its investment products to a wider audience.”
Ian Mattioli said: “Amati is a great fit culturally and strategically. There are few specialist UK fund managers with such a long and stable heritage, utilising the combined experience of an investment team with over 50 years’ knowledge of UK smaller companies. The team’s performance has been recognised in a number of awards and ratings. I believe this investment will significantly enhance the Group’s fund management expertise.”