Platform and investment manager 7IM has acquired Financial Planning firm Eastcote Wealth Management for an undisclosed sum.

Eastcote is based in Solihull in the West Midlands.

The deal will bring 12 Financial Planners and £430m of assets under management along with 735 clients.

Under the terms of the deal Eastcote will maintain its brand and independent investment proposition.

It will also retain its existing management team led by John Ruddick, David Fleet, Jonathan Hearn, and Robert Kenyon. Founder Trevor Law will also continue in his position as a consultant to the firm.

Mr Ruddick said 7IM’s focus on “long-term partnerships with clients” along with its scale and ambition is what attracted them to the firm.

The purchase is 7IM’s second acquisition since being sold in September by majority owner investment trust Caledonia Investments to the Ontario Teachers’ Pension Plan Board for £255m.

The firm snapped up £1bn AUM Financial Planning firm Amicus Wealth in December.

Dean Proctor, CEO of 7IM said that while strategic acquisitions will continue to be part of 7IM’s long-term growth strategy, organic growth remains a key pillar of 7IM’s plans.

He said: “We have had a presence in London and Edinburgh since our earliest days, but as part of our commitment to helping clients meet their financial goals through personalised and comprehensive Financial Planning, we wanted to expand our footprint across key wealth centres in the UK. Having a base of operations in the Midlands felt like the next natural step, and Eastcote’s presence in the region will help us broaden our reach to a new audience.

“While Eastcote is the third Financial Planning firm we have acquired, 7IM’s approach to M&A remains unchanged; we only pursue opportunities where we see genuine strategic value for all parties involved. We remain committed to complementing our M&A activity with strong organic growth plans to cement 7IM’s position as one of the leading vertically integrated wealth managers in the UK.”

7IM was founded in 2002 by seven "escapees" from the world of big corporate finance who wanted to "start the kind of organisation they’d like to invest with themselves."

The company has made several acquisitions in recent years including Tcam Asset Management in 2018 and in 2020 London-based Financial Planning firm Partners Wealth Management (PWM).

7IM now has more than 550 staff in offices in London, Solihull and Edinburgh managing more than £24bn for clients, including individuals and families, financial advisers, corporates, charities and trustees.

Its owner, the Ontario Teachers' Pension Plan Board, is a global investor with approximately £145bn in net assets.