M and A
UK's 7IM Acquires London-Based Amicus Wealth
In acquiring the firm, 7IM obtains a business that had total asset of about £1 billion.
7IM, the UK investment
management firm, has bought London-based Amicus Wealth. The
financial terms were not disclosed.
Amicus Wealth, located in London’s City financial district, has
more than 35 financial advisors who look after around
3,000 clients with total assets of about £1 billion ($1.25
billion).
The most recent M&A comes after the Ontario Teachers’ Pension
Plan Board agreed to acquire a majority stake in 7IM from
Caledonia Investments. The addition of Amicus Wealth creates a
group with a combined AuM of about £22 billion, employing
over 550 people.
Last week, 7IM appointed
Ben Covey as managing director of its private client
business.
Details
As part of the Amicus deal, Amicus Wealth, headed by managing
director David Fry, will continue to operate as an independent
company from 7IM, retaining its brand, identity and
leadership.
Explaining its strategy, 7IM said organic growth remains a “key
pillar” of its approach.
Amicus was founded in 2014.
