Former Arbuthnot Latham CEO Dean Proctor will succeed Sheridan as top boss of 7IM, effective 8 April.
Sheridan’s exit tops off a string of departures over the last year.
In November, head of strategy David Carroll, another of the original seven founding partners of the business, said goodbye to pursue other opportunities, while senior portfolio managers Damian Barry and Simon Moore exited earlier this year. The departures come as the London-based firm merges its operations with Scottish boutique Tcam.
In 2018, 7IM witnessed a changing of the guards with its chief investment officer role, installing Credit Suisse’s head of investment Martyn Surguy to replace interim CIO Ian Jensen-Humphreys. Surguy is the firm’s third CIO in a year after Chris Darbyshire was ousted due to “strategic differences”.
One of the original 7IM partners
The wealth manager said in a statement Sheridan had “decided that now is the right time to retire from his position”.
One of the original seven partners who founded the business 17 years ago, Sheridan watched it grow from a start-up discretionary manager in 2002 to a business with £14bn assets under management providing investment management, service and technology – primarily to financial planners.
Commenting on his departure, Sheridan said: “7IM has been a great experience and I am proud to be leaving the business at this time with a great range of clients and the strongest management team it has ever had. Over the years it has been my pleasure and privilege to work with many of the leading UK advisory firms. I have seen many of these firms go from strength to strength and hope that 7IM will be able to continue supporting their growth.”
Ex-Arbuthnot Latham man brings ‘external perspective’
Proctor has more than 25 years’ experience in financial services and joins from Barclays where he was managing director of the retail bank’s unsecured lending business in the UK. Prior to that he was the executive general manager of the Commercial Bank of Qatar and before that led private bank Arbuthnot Latham from 2009 to 2012.
7IM chairman Ian Owen said that Proctor was joining the firm as it is poised for its next growth phase. “We are confident that he will bring a valuable external perspective which, together with our experienced management team, will enable us to meet our clients’ expectations and to drive further growth in our business. The whole team would like to thank Tom for his exceptional contribution to 7IM since inception and we are delighted that we will continue to benefit from his insights.”