7IM to be auctioned later this year - reports

Caledonia Investments has hired the investment bank Evercore Partners to oversee an auction of the boutique fund manager 7IM, which will likely see the business valued at £400m, according to Sky News. The plan, which remains undisclosed to the markets, could be delayed depending on market conditions, the reports said. The news comes on the heels of Caledonia's rejection of an attempted takeover bid by asset manager Brooks Macdonald late last year, which valued 7IM at £300m. 7IM manages just over £20bn in assets and recently bought two firms - TCAM Asset Management and Partners Weal...