7IM passive funds help it break past £1bn investment threshold

The success of its passive AAP fund range has pushed Seven Investment Management (7IM) through the £1 billion barrier for funds under management.

The 7IM Asset Allocated Passives range has gathered assets of £157 million since its launch 14 months ago. When added to the £845 million in its six-year-old Multi Manager range, total funds under management stand at just over £1 billion.

7IM chief executive Tom Sheridan (pictured) linked the steady increase in investment levels to adviser interest in using lower cost passive structures such as exchange traded funds (ETFs).

Sheridan said: ‘We are very grateful for all the investment, support and feedback from our intermediary partners for their use of our services which has helped us both develop and enhance the range of facilities we can provide within the investments. Such volumes will also help us use such strength to press further down on the key issue of costs.’

7IM said it had also seen strong inflows to its wrap and discretionary service. In May client assets under management stood at £1.48 billion for the wrap and discretionary service.