7IM has bought a Solihull-based financial advice firm to gain a presence in the Midlands.
It has completed the acquisition of Eastcote Wealth Management which has 12 financial planners and manages £430mn of assets for more than 700 clients.
Dean Proctor, chief executive of 7IM, called Eastcote Wealth Management an "exceptional" business and said its acquisition will help the firm expand its footprint across the UK.
He said: "We have had a presence in London and Edinburgh since our earliest days, but as part of our commitment to helping clients meet their financial goals through personalised and comprehensive financial planning, we wanted to expand our footprint across key wealth centres in the UK.
"Having a base of operations in the Midlands felt like the next natural step, and Eastcote’s presence in the region will help us broaden our reach to a new audience."
For now Eastcote Wealth Management will maintain its brand and independent investment proposition as well as its existing management team led by John Ruddick, David Fleet, Jonathan Hearn, and Robert Kenyon.
Ruddick, the firm's managing director, said: "Along with its scale and ambition, a key attraction of 7IM is its commitment to and its focus on building long-term partnerships with clients, both of which are at the heart of Eastcote’s philosophy and culture."
The deal follows 7IM's acquisition of London-based Amicus Wealth in December.
7IM was set up in 2002 and manages more than £24bn of assets on behalf of more than 2,300 financial advice firms and 7,000 private wealth clients across the UK.
The company was bought by the Ontario Teachers' Pension Plan for about £255mn in September 2023.
7IM said it is committed to organic growth alongside "strategic aqusitions".
Proctor said: "While Eastcote is the third financial planning firm we have acquired, 7IM’s approach to M&A remains unchanged; we only pursue opportunities where we see genuine strategic value for all parties involved.
"We remain committed to complementing our M&A activity with strong organic growth plans to cement 7IM’s position as one of the leading vertically integrated wealth managers in the UK.”
tara.o'connor@ft.com
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