Wealth firm acquisitions boost profit 83% for 7IM
Discretionary fund manager 7IM saw profits rise to £9.5m in 2021, a rise of 83% from 2020.
The firm said its acquisitions of Partners Wealth Management and Find a Wealth Manager were key contributor’s to the firm’s performance in 2021.
Group revenue increased by 31.6% to £92.3m.
London-based Partners Wealth Management contributed £20m of revenue to the discretionary fund manager in 2021.
Find a Wealth Manager contributed £982,000 to the firm’s overall revenue.
Both wealth management firms continue to operate independently from the discretionary fund manager.
Assets under management rose by almost £3bn to £21bn as at 31 December 2021.
Dean Proctor, CEO at 7IM, said: “Looking back at 2021, it’s abundantly clear that it was another year punctuated by change and challenge as Covid continued to disrupt all our lives. Yet, despite all the change and challenges of last year, I’m immensely proud that, as a firm, we have been able to continue to deliver on our strategic initiatives and support the evolving needs of our clients. This, in turn, has helped 7IM to deliver another year of strong growth, as evidenced by our latest financial results.
“Much like last year and the year before, 2022 is likely to be characterised by further change as we continue to adapt to soaring living costs and as the truly heart-breaking humanitarian crisis in Ukraine rumbles on.”
He added that plans for this year centre around investing in people, technology and digital services, and sustainability.