Investment management firm 7IM has acquired Partners Wealth Management (PWM), as part of its long-term growth strategy.
PWM is a financial advisory firm founded in 2004 and based in the City of London.
7IM currently looks after around £15bn of client assets and, following the M&A deal, it will reach £17bn ($21.8bn, €18.6bn) in AUA.
The financial terms of the acquisition were not disclosed.
PWM managing partner James Roberts and senior partner David Stoll will remain at the helm of the advice business, as it continues to operate as an independent company.
Some back-office functions, however, will be integrated, with PWM gaining access to the investment management firm’s technology.
Scaling up
Dean Proctor, chief executive at 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.”
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.”
