International wealth manager Brooks Macdonald is reportedly keen to acquire London-headquartered Seven Investment Management (7IM) after seeing a £300m ($403m, €359m) proposal rebuffed late last year.
According to Sky News, Brooks Macdonald approached 7IM’s controlling shareholder, Caledonia Investments, in December about a deal.
The proposal, which was rejected, was not disclosed to the stock market and has not been previously reported.
Reports said that Brooks Macdonald remained keen to acquire 7IM and was likely to express renewed interest in the coming months.
7IM said in a statement: “There are no active conversations taking place and therefore we have no comment.”
Brooks Macdonald and Caledonia Investments both declined to comment on the news.
The two businesses are of a similar size in terms of funds under management, with Brooks Macdonald managing about £17bn and 7IM just over £20bn.
Caledonia Investments acquired 7IM in 2015 in a deal worth about £100m.