The Ontario Teachers’ Pension Plan Board has completed its purchase of a majority stake in 7IM from Caledonia Investments.
The deal, which was first agreed by all parties in September last year, will allow 7IM to “accelerate its strategic growth plans” which focus on both M&A and organic growth, according to the firm.
Investment trust Caledonia first purchased 7IM in September 2015 for £100m, despite having attempted to sell the company for £400m one year previously. Since Caledonia purchased the company, 7IM has more than doubled its assets under management to approximately £23bn.
7IM and Ontario Teachers’ reached their initial acquisition agreement two months after Caledonia had given potential bidders for 7IM until the end of July to put any offers on the table.
7IM CEO Dean Proctor will stay at the firm’s helm, and the company will continue to offer multi-asset investment management capabilities and platform services. It will also still work with UK financial advisers and private wealth clients.
CEO Proctor said: “We’re incredibly excited to be starting a new chapter in 7IM’s history. After two decades of growth, where we have grown from a challenger brand to an established name, now is the perfect time to start working with our new investment partner whose scale and capability can help support us in our ambitious next phase of growth.
“One of the key attractions of our partnership with Ontario Teachers’ is not only its deep support of the team and our strategy, but also its culture of partnership – something which is very much at the heart of our 7IM culture.”
He added: “While we have ambitious growth plans, we remain fully committed to our ongoing investment in innovation, technology and our people, so that we can continue support our vision of delivering an unrivalled experience for both advisers and clients.
“With the support of Ontario Teachers’, we look forward to fulfilling our strategic ambitions and further cementing our position as one of the leading vertically integrated wealth management businesses in the UK.”
