Caledonia Investments is rumoured to have given potential bidders for 7IM until the end of July to table indicative offers, according to a report from Reuters.
Citing people familiar with the matter, the report said US investment bank Evercore had distributed marketing materials among potential buyers over the last fortnight to kick off a sale process mostly aimed at private equity firms.
7IM and Caledonia refused to comment when approached by our sister publication Portfolio Adviser.
Investment trust Caledonia Investments acquired 7IM in 2015 in a deal worth around £100m ($126m, €115m).
Last year, Sky News reported Caledonia was looking to offload the wealth manager for £400m, following a declined £300m takeover offer by Brooks Macdonald in February 2022.
A recent survey by PwC found one-in-six (16%) asset and wealth managers globally are expected to be “swallowed up” or “fall by the wayside” by 2027 amid a wave of consolidation in the industry.
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