7IM snaps up City-based advice firm bringing AUM to £22bn

investmentweek.co.uk:

The purchase of Amicus Wealth brings 7IM's assets under management to approximately £22bn and brings the number of staff to more than 550.

Based in the City of London and headed up by managing director David Fry, Amicus Wealth is a financial planning and advice business with more than 35 financial advisers who serve £1bn of assets for 3,000 clients.

The purchase of Amicus Wealth brings 7IM's assets under management to approximately £22bn and brings the number of staff to more than 550.  

As part of the deal, Amicus Wealth will continue to operate independently from 7IM. 7IM will support Amicus with back-office capabilities and Amicus will also be able to use 7IM's intermediary platform and range of funds and models.

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The deal follows the announcement in September this year that Caledonia Investments signed an agreement to sell its majority stake in 7IM to the Canadian pensions giant Ontario Teachers' Pension Plan.

7IM chief executive Dean Proctor said: «This acquisition helps 7IM take the next step in its strategic growth plans, which is centred around a combination of organic growth and merger & acquisitions.

»In particular, it will help further cement 7IM's position as one of the leading vertically integrated wealth managers in the UK, underpinned by our award-winning platform for advisers and leading multi-asset investment capabilities."

Fry added: «After a successful decade of growth, we felt the time was right to seek a new partner who could help us continue to support and advance our vision of being an innovative and client-led advisory firm that breaks the mould of a typical financial advisory firm.»

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