Smith & Williamson International, part of wealth management and professional services group Tilney Smith & Williamson, has completed the acquisition of the trust and private client book of 7IM Jersey for an undisclosed sum.
A spokesperson confirmed to Portfolio Adviser that, following the sale of the Jersey branch, which only opened in 2018, 7IM will no longer have a presence on the island but will continue to provide services to its local platform clients.
The Jersey branch provided investment management services to private clients and trusts, complementing Smith & Williamson International’s business which creates investment management strategies for a range of clients.
Within the broader Tilney Smith & Williamson group, the Jersey office also provides international tax and business advisory services.
7IM director Grant Hamilton, formerly of Rathbones, joins Smith & Williamson International’s office in St Helier.
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Close Jersey branch
Dean Proctor, chief executive at 7IM, said: “We launched the 7IM Jersey branch nearly four years ago, based on the increased demand for our investment services from outside of the UK.
“However, due to a range of extenuating circumstances, and following a strategic review, we intend to close the Jersey branch, subject to regulatory approval. This will allow us to focus on our core business areas and clients.
“While it’s always a difficult decision to close a branch, I’m pleased that Grant Hamilton will be joining Smith & Williamson International so he can maintain relationship and service continuity to the clients that are moving across with him.”
See also: £300m Brooks Macdonald bid for 7IM rebuffed
Expansion in international market
Matt Falla, managing director at Smith & Williamson International, added: “I am delighted that we have completed the acquisition of the trust and private client book and I would also like to warmly welcome Grant to our team.
“We have seen considerable growth in our Jersey business in recent years and, as we prepare to re-brand to Evelyn Partners in the coming months, this deal recognises our ambition to continue expanding in the international market.
“Grant brings considerable senior investment management experience working with leading financial services firms and I know he will be a great asset for our business as we continue with our growth strategy.
“This deal is also great news for 7IM Jersey trust and private clients who will have the reassurance that they will continue to enjoy a personalised service from Grant and our team.”
This article first appeared on our sister title International Adviser.
