7IM sees AUM grow 7%

But £900m increase is less than £1.1bn taken on from Tcam acquisition

Seven Investment Management (7IM) added £900m to its assets under management (AUM) in 2018, a lower figure than the £1.1bn of assets it took on from the acquisition of Tcam during the year.

The investment manager announced in a press release on Monday its AUM reached £13.3bn in the year ended 31 December 2018, up from £12.4bn at the end of 2017.

But the additional £900m is less than the £1.1bn added to the firm’s AUM from the acquisition of Edinburgh and London-based discretionary asset manager Tcam in May 2018. The majority of Tcam’s clients and assets migrated to the company in December 2018.

Full accounts had not been made available on Companies House by midday on Monday, but the press release revealed that elsewhere group revenue increased by 11% while profit before tax excluding exceptional items stood at £10.5m, an increase of 17% from 2017.

Its platform AUM increased 19% during 2018 to £9.1bn.

A 7IM spokesperson confirmed the company is in process of filing its full results which are expected to be published in the next couple of weeks.

7IM chief executive Dean Proctor (pictured) said: “Last year was significant for 7IM with the acquisition and integration of Tcam as well as continued investment in technology, products and people. 2018 also saw the business extends its track record of year-on-year growth to over a decade. We have recently concluded a strategic review which we believe will form the basis of continued growth at 7IM, underpinned by service, innovation and performance.”

Personnel changes in 2018

7IM saw a raft of senior personnel changes during the year, including the appointment of CIO Martyn Surguy in October 2018. Surguy was brought in to replace interim CIO Ian Jensen-Humphreys, who had stepped into the position in November 2017 after Chris Darbyshire left over “strategic differences”.

In November 2018, head of strategy David Carroll, another of the original seven founding partners of the business, left to pursue other opportunities.

This followed the appointment of Terence Moll as chief strategist in September 2018.

Earlier this year, a filing from Companies House revealed that senior investment manager Damian Barry was no longer with the firm as of 30 January 2019. In the same month it was revealed that investment trust specialist Simon Moore had departed after two years.

More recently, in March this year, 7IM co-founder and CEO Tom Sheridan became the latest – and highest profile – departure from the wealth manager. He was succeeded by former Arbuthnot Latham CEO Proctor in April.

Projects in the pipeline

7IM also highlighted its expansion into Jersey during 2018, where it opened a branch to provide services to clients and trust companies based in the Channel Islands.

In May 2018 it launched a self invested personal pension (Sipp) which had assets under administration of £126m at the end of December 2018.

Proctor added: “I am delighted to have joined 7IM in April this year. After approaching four months with the business, meeting many customers, clients and partners, I am excited by the opportunities in front of us and am confident that 7IM can deliver for all its stakeholders.”

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