- Mattioli Woods
- 01 December 2023 10:17:36
Source: Sharecast
The AIM-traded firm said the acquisition was the result of ongoing discussions between Maven and Newable Capital Group executives, and marked a significant step for Maven in expanding its involvement in direct Enterprise Investment Scheme (EIS) investment.
It described Newable as a fund management company primarily focused on EIS investments, boasting £12m in assets under management.
As part of the acquisition, Maven planned to enhance Newable's senior management team and diversify its product offerings.
The move aligned with Maven's strategy to continue growing its assets under management, following its acquisition by Mattioli Woods in 2021.
“As part of the continuing evolution and growth of the Maven business we have been keen for some time to add an EIS capability to our client offering,” said Maven managing partner Bill Nixon.
“The acquisition of Newable Ventures is an important step forward in completing our objective of providing a full suite of best-in-class client products, which offer access to fast growing private company investments, often on a tax assisted basis.
“The recent announcement in the Government's Autumn budget statement that the EIS and Venture Capital Trust schemes will be extended through till at least 2035 ensures that these products will remain at the forefront of financial planning and portfolio diversification for investors.”
At 0917 GMT, shares in Mattioli Woods were up 1.95% at 627p.
Reporting by Josh White for Sharecast.com.
