The deal by 7IM to buy Partners Wealth Management continues to keep the European M&A carousel spinning.

The UK firm 7IM has bought Partners Wealth Management, a London business with more than £2.0 billion ($2.6 billion) of assets under management, lifting 7IM’s AuM to about £17 billion. The deal is part of continued M&A activity in the European wealth sector.

7IM (aka Seven Investment Management) was founded in 2002 and has more than 350 staff – it is majority-owned by Caledonia Private Capital. PWM, meanwhile, was founded in 2004 and is based in London’s City financial district. In total, the enlarged business will have 400 staff.

As part of the deal, PWM, which is headed up by David Stoll, senior partner and James Roberts, managing partner, will continue to operate as an independent company from 7IM, retaining its brand, identity and leadership. However, the deal will see the integration of some back-office functions, with PWM also using 7IM’s technological capabilities.  

“Since conducting a firm-wide strategic review last summer, our intention has been to accelerate the growth of the business, knowing that this would come both organically and inorganically. This acquisition helps both 7IM and PWM take their next steps in their respective strategic growth plans,” Dean Proctor, 7IM’s chief executive, said.

Among recent wealth management M&A deals, Schroders has bought UK-based multi-family office Sandaire; Smith & Williamson has merged with UK wealth management group Tilney; and Liechtenstein-based LGT recently completed its acquisition of UK-based Vestra Wealth.