Purchase of Amati by Mattioli Woods terminated

Mattioli Woods, which already owns a 49 per cent stake of Amati, has terminated its previous plan to purchase the remainder 51 per cent stake of the asset manager.
Amati has grown markedly since Mattioli Woods’ initial 49 per cent investment in 2017, with funds under management increasing from £120m to £430m.
However, Amati announced that Mattioli Woods has accepted a buyout of £750,000 instead of the majority stake.
CEO and founder of Amati, Paul Joudan, commented: “This completes an important strategic move for the business, which we believe will provide a strong underpinning for future growth.
“The agreement in February arose from detailed discussions over many months, and we were highly appreciative of the way in which Mattioli Woods entered into a spirit of partnership with us having recognised the merits of the current ownership structure.”
Ian Mattioli, chief executive of Mattioli Woods, said his firm was happy to retain the 49 per cent of Amati it already owns.
He said: “Amati is an excellent fund manager that is growing well and sustainably in difficult markets. Given the success of the current arrangement over the last two years, I believe the group retaining our 49 per cent interest in the joint venture offers the optimal structure for all its stakeholders.”