7IMSeven Investment Management (UK)
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42m) from its own cash resources, with the balance of the acquisition costs being funded by a combination of GBP 25m of bank debt, equity subscription from the 7IM management team and cash on the 7IM balance sheet at completion.
7IM is an investment management business with a particular focus on longer-term investment for individuals and institutions.
7IM was established in 2002 by its co-founders, chief executive officer, Tom Sheridan, and head of corporate development, Justin Urquhart Stewart, along with their chief finance officer, Charles Sparrow, and has grown from its seven founder members to a team of more than 190 people.
This follows the announcement in December 2012 that the entire RDR-ready range of investment funds from Architas is now available on a broader range of platforms, including Cofunds, FundsNetwork, Transact, Nucleus, Ascentric, 7IM, Sippcentre, Hargreaves Lansdown Vantage and Standard Life, in addition to the AXA Wealth Elevate platform.
49m) in cash to acquire approximately 94% of 7IM Holdings Ltd the controlling member of Seven Investment Management LLP which operates the 7IM business, from its current owners, Allied Zurich Holdings Ltd and Aegon UK plc.