Caledonia Investments is rumoured to have given potential bidders for 7IM until the end of July to table indicative offers, according to a report from Reuters.
Citing people familiar with the matter, the report said US investment bank Evercore had distributed marketing materials among potential buyers over the last fortnight to kick off a sale process mostly aimed at private equity firms.
7IM and Caledonia refused to comment when approached by Portfolio Adviser.
Investment trust Caledonia Investments acquired 7IM in 2015 in a deal worth around £100m.
Last year, Sky News reported Caledonia was looking to offload the wealth manager for £400m, following a declined £300m takeover offer by Brooks Macdonald in February 2022.
A recent survey by PwC found one in six (16%) asset and wealth managers globally are expected to be “swallowed up” or “fall by the wayside” by 2027 amid a wave of consolidation in the industry.
