Seven Investment Management (7IM) and Tcam Asset Management (Tcam) confirm today that they have agreed terms, subject to FCA approval, for 7IM to acquire 100% of the shares in Tcam. Whilst both brands will continue for several months, the combined entity is to operate under the 7IM brand by the year end.
Both firms have a shared multi asset approach and aligned investment philosophies. The acquisition combines 7IM’s risk management, research and platform capabilities with Tcam’s active management strength.
7IM, established in 2002 by Tom Sheridan and Justin Urquhart Stewart, provides retail investment products, services and technology, primarily via the financial planning community. 7IM’s direct discretionary clients are UK based and high net worth. 7IM’s total assets under management currently stand at £12.5 billion. Headquartered in the City of London, and with an office in Edinburgh, 7IM has 266 staff and have an LLP structure, with Caledonia Investments plc the majority investor in the corporate partner.
Tcam, based in Edinburgh, and with a London office, is a discretionary asset manager that initially developed inside the leading Scottish-based law firm, Turcan Connell. Tcam was spun out of Turcan Connell in 2015 via an MBO. Tcam provides investment management products and services to high net worth clients across the UK.
Tcam, which has total assets under management of £1.1 billion and currently employs 64 staff, is managed by Joint CEOs, Alex Montgomery and Haig Bathgate.
The merged firm will have £13.6 billion assets under management and will have offices in London and Edinburgh. 7IM is also soon to open an office in Jersey, subject to regulatory approval. Both Alex Montgomery and Haig Bathgate will become partners and investors in 7IM and will join the 7IM Management Committee. Several of Tcam’s senior team members will also become partners in 7IM.
Tom Sheridan, CEO, 7IM said: “This is a great fit, both commercially and culturally. The two businesses have complementary relative strengths which will produce an improved investment service for our customers. We normally prefer organic growth, but this match was compelling. In addition, Haig and Alex will offer great depth to the 7IM team.
“Tcam will strengthen our active management whilst their Private Office should appeal to both 7IM’s intermediary and direct clients. This also significantly deepens our presence in Scotland.”
Haig Bathgate, Joint CEO, Tcam, said: “Our two firms share a common mindset and the respect between us is considerable. We believe we shall strengthen the investment proposition to both sets of clients by taking the best of both approaches, and we believe our clients will strongly benefit from 7IM’s greater research and risk management resource, not to mention the 7IM technology.”
Alex Montgomery, Joint CEO, Tcam, said: “Haig and I recognise the tremendous market opportunities for our enlarged business. We have been growing well from our Edinburgh base and this combination provides us with greater scale, whilst the flexibility of the 7IM platform allows us to enhance our service to clients and to support our employees. Coming together with 7IM will strengthen our offering both to existing and future clients.”