7IM has acquired financial planning and advice company Amicus Wealth, which manages about £1bn in assets.
While Amicus will be part of 7IM, it will operate as an independent company, the announcement said, maintaining its current “brand, identity, and leadership”. Amicus will however use 7IM’s intermediary platform and funds.
David Fry, managing director at Amicus Wealth, said: “7IM felt like a natural fit to help take us forward due to its modern culture and shared values, as well as its highly regarded and award-winning technology and solutions.
“We’re delighted to be partnering with Dean (Proctor) and his team and look forward to working with 7IM to drive growth at Amicus Wealth by delivering the best possible outcomes for our clients.”
In September this year, Caledonia Investments made the deal to sell its majority stake in 7IM to Ontario Teachers’ Pension Plan Board for near £225m. Following the deal with Amicus, 7IM will hold around £22bn in assets for advisory firms and private clients.
7IM CEO Proctor said: “Since our earliest days, we have always believed in the value and benefits of financial advice, so we are delighted to acquire Amicus Wealth, a leading advisory firm that offers a broad spectrum of financial planning expertise.
“One of the main attractions of Amicus Wealth is its innovative approach and relentless focus on clients, both of which are at the heart of 7IM’s culture, and we are very excited to be partnering with David and his team.”