EDINBURGH-based fund manager Amati Global Investors has welcomed the fact the firm is set to retain its independence in a fast-consolidating industry.

Led by former professional violinist Paul Jourdan, Amati has completed a £750,000 deal to cancel the option to take control of the firm held by wealth manager Mattioli Woods.

Leicester-based Mattioli Woods bought a 49 per cent stake in Amati for £3.3 million in 2017 when it also acquired an option to buy the remaining 51%.

The cancellation of the option will mean employees of Amati can still be shareholders in the firm, which specialises in investing in UK small and mid-sized companies.

Announcing the completion of the option buyout yesterday, Mr Jourdan underlined the benefits of a deal that will allow Amati to remain independent while profiting from its links with Mattioli.

“We are delighted to have developed this innovative model, which combines the benefits of operating an integrated business that Mattioli Woods enjoys with the kind of independence which has long been regarded as optimal for boutique fund management businesses,” said Mr Jourdan.

Mattioli Woods’ chief executive Ian Mattioli said the existing arrangement was working well, noting: “Amati is an excellent fund manager that is growing well and sustainably in difficult markets.”

Funds under management at Amati have grown from £120m to around £430m since Mattioli Woods bought in to the firm.

In January Mattioli said it had decided to cancel the option to buy the remaining 51% of Amati after reviewing how best to attract and retain talent within the business.

A number of Scots fund management firms have been acquired by bigger fish in recent years.

The Edinburgh Partners operation was bought by US giant Franklin Templeton Investments in January last year in a deal believed to value it at more than £100m.