Dubai-based GWM Group, formerly known as Guardian Wealth Management, has agreed a deal with the UK platform of London-based Seven Investment Management, whereby 7IM will manage and oversee the client portfolios of GWM Group’s new UK business, GWM Investment Management.
GWM Group announced the deal in a statement on Thursday. As reported here last month, the expat-focused wealth manager is launching a new, UK-based, FCA-authorised business under the GWM Investment Management name, to target UK-based, high-net-worth clients.
In the statement announcing the 7IM deal, GWM UK managing director Chris Payne said the plan was to manage and oversee third party discretionary fund manager portfolios, using 7M’s “high quality and scalable platform” to access “the entire market of retail investment solutions”.
GWM Group’s well-established international business will continue to use the services of the Australia-based financial platform giant, Praemium, for its international business, according to David Howell, co-founder and chief executive of the GWM Group.
“We have partnered with them for many years now, and they understand the needs and requirements from an international client’s perspective,” Howell added.
“We also appreciate that ‘one glove does not fit all’, hence, after our due diligence, 7IM will be the preferred partner for the UK.”
The GWM Group was founded in 1994, by Howell and John Hasbury, initially in Belgium, before expanding internationally. In addition to individual expatriates, it manages the wealth and financial planning needs of families, trust funds, pension funds and limited companies. In total it looks after some 7,000 clients and client assets of around £1.4bn.
In addition to its Dubai base, and now, its new offices in Cavendish Square, London, the GWM Group has offices in Geneva, Zurich, Abu Dhabi and Hong Kong.
Heading up the new London office, as reported, is Chris Payne, pictured, formerly of Aspinalls, a London family office. In addition to retaining his “long-standing client base”, Payne will also be responsible for running the firm’s UK operations, and will sit on both its investment and technical committees, GWM Group said last month.
Also joining the new business, as senior para-planner, is Ian Peters, who most recently had been head of technical and research at Partners Wealth.
Seven IM was set up in 2002 by (as its name still indicates) seven people, including Tom Sheridan, chief executive, and Justin Urquhart Stewart, head of corporate development. Last year Caledonia Investments, a UK investment trust, acquired a 94% stake in the part of the business business from two previous external investors, Zurich and Aegon, for £77m in cash, according to press reports of the time.