The firm’s chief financial officer of 18 years Charles Sparrow is slated to leave the business next year, making him the third of the original seven partners out the door in the past year.
A filing from Companies House dated last week confirms Sparrow was terminated as corporate secretary on 11 October. While his Linkedin profile has not been updated, his biography has been removed from 7IM’s website.
After his departure 7IM head of corporate development Justin Urquhart Stewart is the last of the firm’s original seven founders remaining.
Third founder out the door in a year
A 7IM spokesperson confirmed Sparrow would be departing on 4 April 2020.
“Charles has been with 7IM since the very first day and has worked tirelessly to help build the business to where it is today,” they said. “We are very grateful for his enormous contribution over the last 18 years and wish him all the very best for the future.”
Sparrow’s departure follows that of former CEO Tom Sheridan, who left the business in March, and head of strategy David Carroll in November 2018.
Together with Urquhart Stewart, former IT director Graham Stott, chief investment strategist Ros Price and head of marketing Wendy McGill, who left in 2013, 2014 and 2015 respectively, they founded 7IM in 2002.
Sparrow led the compliance, legal, investment risk and HR teams and was also involved in corporate structure and outsourcing projects.
He started life as a chartered accountant for Deloitte Haskins & Sell before becoming ING’s global head of finance for equity markets in 1996.
7IM head of marketing quietly leaves
Portfolio Adviser has also learned that the DFM’s head of marketing Jane Routledge has left the business.
A spokesperson for 7IM confirmed she had left the business following the completion of a “wide strategic review”.
In August the wealth manager roped in ex-Lloyds man Chris Phillips to head up its marketing proposition and digital client experience. The press release announcing his appointment said he would be joining in the newly created role of chief client officer. There was no mention of Routledge’s status at the firm.
Routledge was another mainstay of the business having worked in her role for the last eight years. Prior to that she was head of communications at Hermes and also worked at Invesco as its head of relationship management for six years.
7IM has suffered a string of senior departures and rising costs since merging with Scottish manager Tcam.
In addition to the trio of founders, it has seen managers Damian Barry and Simon Moore exit earlier this year, as well as head of wealth management Alexander Rentoul Montgomery.
In 2018 the firm witnessed a changing of the guards with its chief investment role. Credit Suisse’s head of investment Martyn Surguy became the firm’s third CIO in a year after Chris Darbyshire was ousted due to “strategic differences”.