Investment platform and wealth manager 7IM has today struck a deal to acquire £2bn AUM MPS provider Rockhold Asset Management from national adviser firm ASHL.

ASHL owns a number of brands including the Sense Network, LYNC Wealth Management, Lyncombe, the Academy and Rockhold.

ASHL has 451 advisers in the group - 327 independent and 124 restricted - and promotes itself as one of the top 10 UK financial adviser groups.

7IM says the deal, for an undisclosed sum, is a “strategic acquisition” and will add to 7IM’s existing investment management capabilities.

The acquisition is subject to Financial Conduct Authority approval.

7IM was established in 2002 and and the acquisition will boost its assets under management to about £27 billion.

ASHL launched Rockhold Asset Management in 2022 and it manages £2bn in assets. It provides a managed portfolio service (MPS), multi-manager funds and a bespoke discretionary management service to clients of the advisory firms operating within the Sense and Lyncombe networks. Rockhold will continue to serve these companies following the takeover.

7IM says the acquisition will enable it to broaden its funds and MPS offering which will now have over £10bn under management.

Rockhold will continue operating under its current brand and leadership and will remain as the main model portfolio proposition for ASHL’s restricted advisers. It is also available to IFAs in the Sense and Lyncombe networks.

Dean Proctor, CEO of 7IM, said: “We are thrilled to welcome the team at Rockhold Asset Management to the 7IM group. The acquisition is a natural fit for us, as it strengthens our commitment to offering clients the best possible investment options and services.”

“While strategic and selective acquisitions will remain a key part of our long-term strategy, organic growth continues to be a central pillar of 7IM’s plans moving forward, and we will continue to invest in and develop our existing capabilities for our clients to drive our growth.”

Andy Ferns, managing director of ASHL and Rockhold Asset Management, said: “Following our outstanding growth over the last few years, our Discretionary Fund Management business will now benefit from the partnership with 7IM, a leading investment business.

“ASHL advisers using Rockhold’s portfolios will now have unique access to 7IM’s unquestionable investment capability, award-winning platform and market-leading solutions.”