Wealth manager and SIPP provider Mattioli Woods has faced delays to the appointment of David Kiddie as its new chairman.

His appointment was expected to start on 21 January however the appointment remains subject to regulatory approval which has yet to be received.

Current chairman Joanne Lake announced she would step down in September.

Ms Lake will remain as chairman during the extended handover period.

Mr Kiddie joined the board as a non-executive director in January. He has 35 years' experience in asset management and investment oversight and has held senior roles including CEO at BNP Paribas Investment Partners UK and chief investment officer at AMP Capital Investors, ABN AMRO Asset Management and Rothschild Asset Management.

He is currently a non-executive director at Investment Fund Services and Marlborough Fund Managers.

Ms Lake has served as chairman of the firm for five years, having previously spent four years on the board.

Client assets at Mattioli Woods rose 42% to £15.1bn over the six months ending 30 November 2021. 

Gross discretionary assets under management rose 55% over the half to £5.1bn.

The wealth manager and SIPP provider released a trading update at the start of this month in advance of its interim results which are to be announced on 8 February.

Whilst much of the growth in client assets came due to recent acquisitions, the firm also saw strong organic revenue growth in excess of 10%.

During the six months ending 30 November Mattioli Woods completed its two largest acquisitions to date, Maven Capital Partners and Ludlow Wealth Management.

According to the trading update, both acquisitions are now integrated and performing ahead of budget.