Mattioli Woods has made three new board appointments, including a replacement for its chief financial officer. 

The wealth manager and employee benefits business has also said that all directors and staff will not be paid bonuses this year.

In a trading update today, Mattioli Woods said that CFO Nathan Imlach will step down as chief financial officer in October but will remain with the business focusing on acquisitions. He will be succeeded by current group finance director Ravi Tara.

Mr Tara joined the company in 2019. Previously he held roles at Capita plc, Weetabix Food Company, JP Morgan, Barclays Capital and PwC.

The wealth manager has also appointed two additional new board members.

Michael Wright was appointed group managing director. His focus is on the strategic development of the group’s wealth management and employee benefits propositions. He joined Mattioli Woods in 2004 and went on to become head of the wealth management business.

Iain McKenzie was appointed group operating officer. He joined the company in August 2018 as executive risk consultant. He now oversees the day to day operations of the group as well as providing support to the technical, risk and compliance teams.

Mr Tara, Mr Wright, and McKenzie will join the board immediately following regulatory approval of their appointments.

In the trading update, Mattioli Woods reported improved margins following a restructure completed before the Coronavirus pandemic.

The company also announced what measures it has taken to mitigate the financial impact of the pandemic, including halting the payment of bonuses.

The group realised £0.15m of cost savings through all plc board directors reducing their basic remuneration, plus a further £2.7m on confirmation that remaining staff bonuses and all directors' bonuses in respect of the financial year will not be paid.

Executive directors' salaries have been temporarily 'rebased' from 1 July to create an annual saving of over £0.4m, with close management of spending expected to achieve further cost savings of £0.4m over the next 12 months. 

Ian Mattioli, chief executive, said that its most recent acquisitions are all on track: “In December 2019, we were pleased to announce the acquisition of The Turris Partnership, which followed the acquisitions of SSAS Solutions (UK) and Broughtons Financial Planning in the prior year, which are all integrating well and have contributed positively to our trading results since acquisition.

"Within the next few weeks, we expect to receive FCA approval to complete our acquisition of Hurley Partners, where current trading is in line with our pre-COVID-19 expectations

"The group is in a strong financial position and following the completion of the acquisition of Hurley Partners it will continue to have significant cash balances and headroom on its regulatory capital requirements.  I would like personally to thank Nathan for his contribution to the success of the group, including our admission to AIM in 2005, the launch of Custodian REIT as a main-market listed property investment company in 2014 and the completion of 23 successful acquisitions to date.”