Wealth manager and SIPP provider Mattioli Woods has bought London-based Financial Planner Montagu Limited in a deal worth up to £2.34m.

Wealth manager and SIPP provider Mattioli Woods says its market is beginning to stabilise and it is planning further acquisitions.

Mattioli Woods, the wealth management and SIPP business, has reported pre-tax profit up 36.7% to £13.4m for the year ended 31 May.

Mattioli Woods, the SIPP and wealth management firm, has received FCA approval for its £25m takeover of private client firm Hurley Partners.

Mattioli Woods has made three new board appointments including replacing their chief financial officer. The wealth manager and employee benefits business said that all directors and staff will not be paid their bonuses for the year.

Wealth manager and SIPP firm Mattioli Woods forecast today that 2020 revenues would match 2019 and a round of cost cutting should help maintain profits.

Ian Mattioli, chief executive of wealth management and SIPPs business Mattioli Woods, has waived his salary until at least 30 June and board directors have reduced their fees to 50%.