7IM gets regulatory approval for Jersey office, announces team

Seven Investment Management (7IM), the London-based asset manager founded in 2002 by Justin Urquhart Stewart and six associates, said on Wednesday that it has received regulatory approval for a Jersey outpost, and that it will formally open its new St Helier offices there next week.

As reported, the company, which was founded in 2002, had announced plans to open a Jersey office last year, saying that it looked forward to catering to its existing client base on the island.

The new office is located on Gloucester Street, which runs up from the Esplanade towards The Parade in downtown St Helier, where numerous other financial services businesses and banks are clustered.

Heading up 7IM’s Jersey office will be Grant Hamilton, pictured left, who was previously a director of Rathbones in Jersey, the company said, in a statement announcing the new office.

At Rathbones, Hamilton had been responsible for relationships with trustees, consultants and private clients. He is described by 7IM as being an associate member of the Institute of Financial Services and a member of the Chartered Institute of Securities and Investments.

Other members of the inaugural 7IM Jersey team include Dominic Pallot, who most recently had been head of treasury and investments at First Names Group, also in Jersey; and Annie Newman, who comes to 7IM from Merrill Lynch’s portfolio management business, where she had been for 12 years.

In addition to Urquhart Stewart, the original founders of 7IM included Tom Sheridan, who remains the company’s chief executive. From the company’s original premises in a basement, it has found its way to offices on Bishopsgate in London’s financial district, and it now employs some 266 people, who look after assets under management of around £12.5bn.

In 2015, Caledonia Investments, a UK investment trust, acquired a 94% stake in a deal that valued the company at £100m.

‘Complimentary’ to existing offshore offering

Stewart Sanderson, head of 7IM’s private client business, said in a statement accompanying the announcement of the new Jersey office that the office would “complement our existing offshore offering”, while also providing the company with “a physical presence to help us offer discretionary management alongside our suite of services”, which currently include Dublin-domiciled active and actively-managed passive funds as well as an open architecture platform with custody arrangements in Jersey.

7IM, he added, has seen “strong demand” in Jersey for its discretionary investment services and platform, and that it sees the Channel Island base as “an important international centre and a key part of our long term strategic development”.

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