Aegon and Zurich have become minority shareholders of Seven Investment Management (7IM) as it becomes the first platform provider to gain LSE membership.
7IM, which currently manages and administers £2bn of assets, is now a separate corporate identity with its own FSA licence.
The business, which offers discretionary management, multi-manager and its own wrap platform Tethys, has ambitious growth plans and as a result decided it would be appropriate to bring in two initial institutional shareholders.
Zurich and AEGON will be the first such institutional shareholders to take minority stakes in 7IM since it launched in March 2002 through the purchase of the holding from original supporter Killik & Co.
Tom Sheridan, chief executive 7IM, says: “We are delighted to have reached this milestone and are extremely grateful to all those who have helped us build 7IM into the success it has reached to date.”
Chris Gillies, Zurich Intermediary Group’s managing director, comments: “Zurich is a strong supporter of independence and believes that intermediaries should have access to the whole of the market in order to service their clients’ needs.
“7IM is widely respected as one of the best independent on-line wrap platforms in the market, providing intermediaries with great choice and great service. We look forward to working closely with 7IM as they embark on the next exciting stage of their development.”IFAonline
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