Towergate Financial’s investment committee has selected Seven Investment Management (7IM) to manage its £80 million of passive model portfolios.
Towergate Financial established the model portfolios in October 2009 as part of its investment proposition to provide a lower cost broadly diversified range of investments for its clients.
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Warren Page, CEO of Towergate Financial, said the range of passive multi-asset funds was being run by Evercore Pan-Asset but that he decided to kick-start a review in part because of performance on the range.
"We go through a process every three to five years depending on when the time is right to review the manager and we took the decision in April it was the right time," Page added.
Tom Sheriday, CEO of 7IM, said: "Since our earliest days, we have worked hard to build a strong reputation for working with and helping professional financial planning companies like Towergate Financial to develop their businesses.
"The partnership between us as an investment services provider and the planning firm enables a far more coherent and complete financial solution for clients and their families," added Sheriday.
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