Seven Investment Management has reported its assets circled in on £15bn during a year of upheaval for the business and months before the coronavirus hit.
In its final results, the DFM reported assets under management hit £14.6bn for the year ended 31 December 2019, up 9.2% from £13.3bn in 2018 and which it said marks over a decade of continuous growth in AUM.
Over the period group revenue grew by 5.2% to £70.9m, while profits before tax jumped 15% to £9.3m.
7IM’s bumper results comes during a year of upheaval for the group which saw the last of its original seven founders exit as well as other long-time staffers following a “wide strategic review” triggered by its merger with Scottish manager Tcam.
Departures in 2019 pushed into the double digits and included original partners CEO Tom Sheridan, who was replaced by ex-Arbuthnot Latham boss Dean Proctor (pictured), as well as CFO Charles Sparrow and COO Phillip Bungey. Justin Urquhart-Stewart, the last founder standing, announced he would be retiring in December.
7IM said the “refreshed company strategy and culture” under Proctor and new CFO Duncan Walker and chief client officer Chris Phillips had contributed to the company’s successful growth in 2019.
AUM falls back from Covid hit
But since the end of 2019 the DFM’s assets have tumbled thanks to the volatility around the coronavirus sell-off. After the first six months of the year AUM is 1.4% lower at £14.4bn.
While Proctor said “2020 has undoubtedly had its challenges” due to the Covid-crisis he said he was confident about 7IM’s future.
“We now have the right people, the right strategy and the right culture in place,” he said. “We are also committed to investing more in our award-winning platform and launching new products to meet our clients evolving needs.
“With the above in mind, I do not see any reason why 7IM cannot emerge from this difficult period with a brighter and more positive outlook than when we entered it.”
