7IM brushes off Covid market woes as assets jump 24%

‘2020 was, without exaggeration, one of the most challenging years in economic, social and financial history’

Seven Investment Management saw a 24% increase in its assets under management last year, despite the spread of Covid-19 and its effect on markets.

The wealth manager said assets increased to £18.1bn throughout 2020, up from £14.6bn at the end of 2019. The jump marked a decade of continuous AUM growth, it said.

Group revenue for the firm in 2020 was £70.1m which was in line with 2019’s £70.9m.

It made two acquisitions during the year in Partners Wealth Management and online wealth manager search website, Findawealthmanager.com.

It also launched the low-cost multi-asset Pathbuilder funds and reduced the annual management charge on the Sustainable Balance fund by 0.25%.

7IM chief executive Dean Proctor (pictured) said: “2020 was, without exaggeration, one of the most challenging years in economic, social and financial history. The disruption caused by the spread of Covid-19 has been unprecedented and means that all of us have had to adapt and demonstrate a newfound resilience.”

He added: “Of course, like many firms, we saw a reduction in profitability last year, principally due to the Covid-19 related major market movements in the first quarter of 2020. However, as the year progressed, we saw profitability gradually recover.

“So far, 2021 has been a year of momentum for 7IM, with our current financial results for this year reflecting this. As we emerge from the Covid-19 crisis, we look forward to maintaining this momentum and continuing our growth journey through further investment into both our people, platform and proposition.”

This year 7IM has seen several high profile departures, including head of financial planning George Martineau, who just resurfaced at James Hambro & Partners, and portfolio management head Haig Bathgate. Both joined the DFM when it acquired Tcam in 2018.

See also: 7IM head of financial planning among latest former Tcam employees to exit

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