Seven Investment Management grew its assets under management by 24% in 2020, maintaining over a decade of continuous growth.
The wealth manager saw its AUM reach £18.1 billion, up from £14.6 billion in 2019, however group revenue edged down slightly to £70.1 million from £70.9 million the previous year as a result of the pandemic.
During 2020, 7IM launched its low cost, multi-asset range, 7IM Pathbuilder funds, and reduced the annual management charge on the 7IM Sustainable Balance Fund by 0.25%. The firm also completed the acquisitions of London-based advice firm Partners Wealth Management and wealth manager search website Find a Wealth Manager.
Dan Proctor, chief executive officer at 7IM, said: “2020 was, without exaggeration, one of the most challenging years in economic, social and financial history. The disruption caused by the spread of Covid-19 has been unprecedented and means that all of us have had to adapt and demonstrate a newfound resilience.
“For us at 7IM it has been no different. As I look back on 2020, I am incredibly proud of the spirit and resilience that my colleagues have demonstrated throughout the crisis. They have adapted incredibly quickly, allowing us to navigate this extremely difficult period successfully, to continue to drive the business forward and most importantly to deliver for our customers and clients”
“Of course, like many firms, we saw a reduction in profitability last year, principally due to the Covid-19 related major market movements in the first quarter of 2020. However, as the year progressed, we saw profitability gradually recover.”
Proctor said 2021 has so far been a “year of momentum” for 7IM, with its current financial results for this year reflecting this renewed growth.
