7IM acquires Edinburgh DFM Tcam
Seven Investment Management (7IM) and Tcam Asset Management confirmed today that they have agreed terms, subject to FCA approval, for 7IM to acquire 100% of the shares in Tcam.
Both firms have a shared multi-asset investment approach and aligned investment philosophies. The acquisition combines 7IM’s risk management, research and platform capabilities with Tcam’s active management strength.
The Tcam brand will continue in the near term with the combined entity to operate wholly under the 7IM brand by the end of 2018.
7IM was established in 2002 by Tom Sheridan and Justin Urquhart Stewart and provides retail investment products, services and technology primarily via the financial planning community. 7IM is headquartered in London, and has offices in Edinburgh and Jersey, with total assets under management currently standing at £12.5bn and with 266 staff. Caledonia Investments became the majority stakeholder in 2015.
Tcam is an Edinburgh-based discretionary asset manager that spun out of the leading Scottish based law firm Turcan Connell via an MBO in 2015. Tcam provides investment management products and services to high net worth clients across the UK, with total assets under management of £1.1bn. Tcam has 64 staff and is managed by joint CEOs Alex Montgomery and Haig Bathgate.
The merged firm will have £13.6bn assets under management and will have offices in London, Edinburgh and Jersey. Both Alex Montgomery and Haig Bathgate will become partners and investors in 7IM and will join the 7IM Management Committee. Several of Tcam’s senior team members will also become partners in 7IM.
A great fit
Tom Sheridan, CEO, 7IM said: “The combination of 7IM and Tcam is a great fit, both commercially and culturally. 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. This also significantly deepens our presence in Scotland.”
Haig Bathgate, Joint CEO, Tcam, said: “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.”
Alex Montgomery, Joint CEO, Tcam, said: “Haig and I recognise the tremendous market opportunities for our enlarged business. We have been growing well from our Edinburgh base and this combination provides us with greater scale, whilst the flexibility of the 7IM Platform allows us to enhance our service to clients and to support our employees.”
The acquisition is subject to regulator FCA’s approval.