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7IM assets climb 8% to close in on £11bn

7IM assets climb 8% to close in on £11bn

Seven Investment Management increased its assets under management by 8% in 2016 to £10.9 billion.

The investment manager reported a 3% increase in pre-tax profit to £18.6m for the year ending December 2016.

7IM’s platform assets under management (AUM) rose 24% during the year to £3.9 billion.

7IM chief executive Tom Sheridan said client numbers increased by 7% last year with the firm adding 1,173 new accounts, while the AUM for its discretionary fund service also continued to grow.

But he added that the firm’s exit from the institutional market meant a loss of £340 million in assets.

Sheridan said Caledonia Investments – which has been the majority shareholder in 7IM since 2015 – is still a ‘huge supporter’ of the firm.

Caledonia, an investment trust which was originally launched to house the wealth of the Cayzer shipping family, acquired a majority stake in 7IM for £74 million.

Sheridan said: ‘Caledonia Investments, our shareholder since 2015, continues to be a huge supporter, with a long term approach to managing money that entirely matches our own.’

He added: ‘Fifteen years since our launch, we remain true to our original premise of managing money, and risk, to ‘expected returns’ over the medium to long term.

‘Our multi asset, global approach, blending both active and passive strategies, continues to help us manage the risk–reward trade off at a time when geopolitical tensions make a ‘risk off’ strategy, for us, currently more attractive.’

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