7IM has announced that Canadian pension fund Ontario Teachers’ Pension Plan has completed its acquisition of a majority stake in the firm from Caledonia Investments.
The investment, which was first announced in September, will allow 7IM to “accelerate its strategic growth plans”, which will focus on a combination of organic growth and selective M&A.
The investment manager has made a commitment to “enhance its core capabilities and services” for customers and clients.
7IM was founded in 2002 and now manages approximately £23bn of assets on behalf of more than 2,300 financial advisory firms and approximately 10,000 private wealth clients across the UK.
The business was acquired by Caledonia in September 2015 and has grown both organically and through acquisition.
It said a large part of its future plan is to “innovate and develop” its proprietary platform technology, multi-asset investment management capabilities and advisory credentials for UK financial advisers and private wealth clients.
As part of the acquisition, Ontario Teachers’ will continue to back 7IM’s leadership under chief executive Dean Proctor.
Commenting on the completion of the deal, Proctor said: “We’re incredibly excited to be starting a new chapter in 7IM’s history.
“After two decades of growth, where we have grown from a challenger brand to an established name, now is the perfect time to start working with our new investment partner whose scale and capability can help support us in our ambitious next phase of growth.
“One of the key attractions of our partnership with Ontario Teachers’ is not only its deep support of the team and our strategy, but also its culture of partnership – something that is very much at the heart of our 7IM culture.
“While we have ambitious growth plans, we remain fully committed to our ongoing investment in innovation, technology and our people, so that we can continue support our vision of delivering an unrivalled experience for both advisers and clients.
“With the support of Ontario Teachers’, we look forward to fulfilling our strategic ambitions and further cementing our position as one of the leading vertically integrated wealth management businesses in the UK.”
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