Investment manager 7IM has merged its private client business with Amicus Wealth to create Amicus Wealth Management.
7IM acquired Amicus in December 2023.
It was its first acquisition since being sold in September 2023 by majority owner investment trust Caledonia Investments to the Ontario Teachers’ Pension Plan Board for £255m.
The two businesses have been integrated to form a single, unified firm with greater scale and enhanced capability, 7IM said.
Amicus Wealth Management, headquartered in London, will be led jointly by managing directors Ben Covey and David Fry. The combined business comprises more than 100 professionals overseeing more than £3bn of client assets on behalf of nearly 4,000 clients nationwide.
As part of the merger, the firm is launching a new brand and visual identity, including a new website.
Clients will continue to work with the advisers they know and trust, supported by the 7IM Platform, which will continue to underpin client portfolios, the firm said.
Dean Proctor, chief executive officer of 7IM, said: “The launch of Amicus Wealth Management is a significant milestone for 7IM and a powerful statement of our ambition in the UK wealth market. By bringing together our private client business and Amicus Wealth, we have created a firm with the scale, talent and capability to deliver long-term financial plans and outcomes for clients.”
He said it was “not just a combination of businesses, but the creation of a modern wealth management firm built for long term growth, innovation and excellence in client service.”
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). PWM continues to operate as an independent company.
7IM now has more than 550 staff in offices in London and Edinburgh managing more than £22bn 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.