Seven Investment Management (7IM) has agreed to take over Tcam Asset Management, an Edinburgh-based discretionary asset manager, for an undisclosed amount.
7IM offers retail investment products, services and technology. The firm manages £12.5bn in assets and employs 266 staff.
Tcam provides investment management services to high net worth clients in the UK. The firm has 64 employees and oversees £1.1bn in assets.
The combined group will manage £13.6bn in assets and have offices in London, Edinburgh and Jersey.
The Tcam brand will continue for a short term, with the merged entity expected to adopt the 7IM brand by the end of this year. The deal is currently subject to regulatory nod.
Many of the senior team members of the acquired entity, including its co-CEOs Alex Montgomery and Haig Bathgate, will become partners in 7IM as part of the deal.
“Our two firms share a common mindset and the respect between us is considerable. We believe we shall strengthen the investment proposition to both sets of clients by taking the best of both approaches, and we believe our clients will strongly benefit from 7IM’s greater research and risk management resource, not to mention the 7IM technology,” Bathgate noted.
Montgomery and Bathgate will also serve as investors in 7IM and will have seats on its management committee.
7IM CEO Tom Sheridan said: “The two businesses have complementary strengths which will produce an improved investment service for our customers. I am delighted that Haig and Alex are joining the 7IM management team who, along with the wider Tcam team, will add to our active management expertise whilst the Tcam Private Office will be appealing to both 7IM’s intermediary and direct clients.”