7IM has integrated its private client division with Amicus Wealth, resulting in the new entity Amicus Wealth Management, reported FT Adviser.
The increased scale and broader capabilities are intended to help it pursue further expansion in the UK wealth management sector, the news publication added.
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The merger comes after 7IM acquired UK-based Amicus Wealth in December 2023.
By the time the deal was announced, Amicus Wealth provides financial planning and advisory services, with a team exceeding 35 advisers and managing around £1bn ($1.3bn) in assets for approximately 3,000 clients.
Following the addition of Amicus Wealth, the group’s assets under management stand at about £22bn, employing more than 550 staff, the company said in 2023.
Ben Covey and David Fry have been appointed as managing directors of Amicus Wealth Management, which will be headquartered in London.
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By GlobalDataThe new business will see a team of 100 professionals overseeing £3bn in assets for nearly 4,000 clients across the UK, noted the report.
Covey said: “We are incredibly excited about the opportunities this new chapter creates for our business but, most importantly, for our clients.
“The merger creates a stronger, more resilient firm with greater depth of expertise – and that means an even better experience for our clients.
“We are building a business with the scale to invest and grow while staying true to our client-first philosophy and supporting people at every stage of their financial journey.”
7IM, established in 2002, manages close to £21bn in assets on behalf of over 2,300 financial advisory firms and 7,000 private wealth clients nationwide as of 2023.
7IM CEO Dean Proctor said: “The launch of Amicus Wealth Management is a significant milestone for 7IM and a powerful statement of our ambition in the UK wealth market.
“By bringing together our private client business and Amicus Wealth, we have created a firm with the scale, talent and capability to deliver outstanding long-term financial plans and outcomes for clients.
“This is not just a combination of businesses, but the creation of a modern wealth management firm built for long-term growth, innovation and excellence in client service.”
