Mattioli Woods, a UK-listed pensions consultancy and wealth management business, has received the green light from the regulator, the Financial Services Authority, to set up a discretionary asset management arm.

The discretionary portfolio management service will now be rolled out over the coming months, the firm said in a statement.

The firm’s executive chairman, Bob Woods, said that he believes that the new service will be an important extension to the firm’s wealth management services.

Last year, Mattioli Woods expanded its wealth business with the acquisition of TCF Global Independent Financial Services, the holding company of Kudos Financial, an employee benefits and wealth management business based in Aberdeen.

The Leicester-based company has £2.8 billion ($4.5 billion) in assets under administration and advice.