Seven IM founders in the dark on potential sale

Seven Investment Managements founding partners have had no involvement in the initiation of a valuation and possible sale of the business, and have no desire for it to be sold at this stage, it is understood.

Seven IM founders in the dark on potential sale

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Seven was formed by Tom Sheridan and Justin Urquhart Stewart in 2001. 

Major shareholders Zurich Insurance Group and Aegon have ordered corporate finance firm Evercore to conduct a valuation of the business without consulting the founding partners, it is understood.

At this stage, neither Evercore, nor Aegon and Zurich, have been in contact with Urquhart Stewart and Sheriden regarding the matter.

Should Aegon and Zurich decide they do want a sale, it may not be straightforward as it is understood they do not have enough members of the board to force a sale without the consent of other directors.  

While every business has a price, it is also understood the founding partners would be particularly averse to a sale to a bank or private equity firm, with a trade sale more palatable.  

A spokesperson for Seven declined to comment. The firm has around £7 billion in assets under management.

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