Partners Wealth Management (PWM) was founded in 2004 and has over £2bn of assets under management.
The Financial Planner will be ringfenced and will continue to operate as an independent company from 7IM, retaining its brand, identity and leadership. However, the deal will see integration of some back-office functions, with PWM also benefiting from 7IM’s technological capabilities.
PWM is headed up by senior partner David Stoll and managing partner James Roberts.
7IM currently employs over 350 staff and has assets under management approaching £15bn. The deal will create a combined group with an AUM of approximately £17bn, employing over 400 people.
Dean Proctor, CEO, 7IM said: “Since conducting a firm-wide strategic review last summer, our intention has been to accelerate the growth of the business, knowing that this would come both organically and inorganically. This acquisition helps both 7IM and PWM take their next steps in their respective strategic growth plans.
“We have always believed in the value and benefits of financial planning and advice - an area which has arguably never been more in demand or more important. Within that market, James, David and their team have grown PWM to a business looking after over £2bn of assets, with an enviable reputation for quality client service. We are delighted to benefit from that experience and expertise.”
“A key component of the deal is that it gives us greater efficiencies of scale, enabling us to deliver a superior service to all of our clients.
“In particular, the additional scale and assets that PWM can bring on board to the 7IM platform will allow us to make further and significant investment into our platform technology. This in turn will further enhance the service and support we are able to offer the intermediary market, which has always been and continues to be 7IM’s main focus."
James Roberts, managing partner at PWM said: “Following a successful 16 years, we felt the time was right to seek a partner who could help us continue advancing our vision to build the best client and adviser proposition in the UK. Over the past year we have had discussions with a number of potential partners, but were attracted to 7IM because of its award winning technology, entrepreneurial culture, strong management team and shared values. We’re delighted to be working with Dean and his team to drive growth by offering clients an advice & wealth management proposition of unique completeness and quality.”