Fri, 22 Mar 2024 | BUSINESS SALE
7IM, a technology-driven wealth and investment manager, has completed the acquisition of West Midlands wealth management firm Eastcote Wealth Management. Solihull-based Eastcote has around 735 clients and manages approximately £430 million in assets.
Following the acquisition, Eastcote will initially maintain its brand and independent investment proposition. The existing management team, led by John Ruddick, David Fleet, Jonathan Hearn, and Robert Kenyon, will also stay in place, while founder Trevor Law will remain as a consultant to the business.
7IM, which was founded in 2002, manages in excess of £24 billion of assets for more than 2,300 financial advisory firms and 7,000 private wealth clients in the UK. Eastcote is the third financial planning firm that the company has acquired as part of a growth strategy that encompasses both organic and acquisitive expansion.
7IM Chief Executive Dean Proctor commented: "We have had a presence in London and Edinburgh since our earliest days, but as part of our commitment to helping clients meet their financial goals through personalised and comprehensive financial planning, we wanted to expand our footprint across key wealth centres in the UK.”
"Having a base of operations in the Midlands felt like the next natural step, and Eastcote's presence in the region will help us broaden our reach to a new audience.”
Proctor continued: "While Eastcote is the third financial planning firm we have acquired, 7IM's approach to M&A remains unchanged; we only pursue opportunities where we see genuine strategic value for all parties involved.”
"We remain committed to complementing our M&A activity with strong organic growth plans to cement 7IM’s position as one of the leading vertically integrated wealth managers in the UK."
Eastcote Managing Director John Ruddick said that the takeover was an “exciting milestone” for the company and its clients. He added: "Along with its scale and ambition, a key attraction of 7IM is its commitment to and its focus on building long-term partnerships with clients, both of which are at the heart of Eastcote's philosophy and culture.”
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Buckinghamshire IFA with £125m FUM and an average portfolio size per household just below £450k, you will be servicing highly profitable clients.
With an office, advisers and back-office staff in place, this business can continue running profitably post-sale.
Greater Manchester IFA with £52 million FUM at .05% ongoing charge, there is potential for future uplift.
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