With the acquisition of 7IM by Caledonia Investments plc on 7 September 2015, consolidated financial statements were released. Full year’s results excluding the one-off costs relating to the acquisition of £6.4mn result in a group profit before tax of £4.4mn.
On 7 September 2015, 7IM was acquired by Caledonia Investments plc.
Consolidated Financial statements are prepared by Caledonia Thames Holdings Limited including its underlying subsidiaries Caledonia Thames Group Limited, Caledonia Thames Acquisitions Limited, 7IM Holdings Limited and Seven Investment Management LLP.
Results of Seven Investment Management LLP for the year ended 31 December 2015:
Strong investment performance with growth in assets under management (AUM) of 30% compared to 2014
The business achieved strong flows of new assets in 2015, exceeding £2.7 billion gross and £1.6 billion net
Increase in profit before partners remuneration of 25% at £18.1 million
Assets under management (AUM) (£bn)
Profit before tax and partners remuneration (£m)
During 2015 the LLP launched four Equity Value Funds and by 31 December 2015 the AUM of these funds stood at £331 million. Threadneedle’s multi-manager fund range was merged into 7IM funds totalling £382 million.
Results of Caledonia Thames Holdings Limited for the year ended 31 December 2015:
The Caledonia Thames Holdings Limited group was formed on 7 September 2015, the date of acquisition. The Consolidated financial statements only include post acquisition profits, resulting in a group loss of £143,000 for the period from 8 September 2015 to 31 December 2015.
Inclusion of a full year’s results excluding one-off costs relating to the acquisition of £6.4m, would result in a group profit before tax of £4.4m.
Tom Sheridan, Chief Executive officer of 7IM said "we are delighted to have had such a strong year in terms of both new assets coming in to us from clients and the positive feedback that we have had from them. Additionally I am also pleased with the return we have been able to provide for both our partners and investors. It has also been a great benefit for us to have the support and input from our new shareholder Caledonia in building our innovations for investors in the UK".
Duncan Johnson, Head of Unquoted Investments at Caledonia Investments plc, said "we are very happy with the progress that Tom and the 7IM team have made in the initial period of our investment, which is reflected in the strong results for the year ended 31 December 2015. We look forward to the next step of 7IM’s journey as the business develops further".
NOTES TO EDITORS
About Seven Investment Management: 7IM provides investment services to professional wealth managers, planners and advisers. These include:
- Discretionary investment management with advice
- A range of multi-asset portfolios
- An investment and open architecture trading platform
- A developed range of banking services
- A fantastic app, 7IMagine, to bring the client portfolios to life.
- 7IM – a story of Continuous Innovation
Since 7IM launched back in early 2002, it has pioneered a continuous stream of developments regarding how investment services are provided and charged for. We could just provide a list of our awards, but actually think it is more useful to tell you what we have done and what we have provided for clients and their planners - and there is still more to come.
- January 2001 – First Sterling Online Wrap Account launched with ongoing Asset Allocation
- January 2003 – First White Label live
- January 2004 – 7IM OEIC live
- July 2005 – 7IM Platform live
- September 2005 – New 7IM Income Fund launched
- February 2007 – 7IM Sustainable Balance Fund launched
- December 2007 – 7IM gains its own FSA authorisation and new institutional investors
- January 2008 – 7IM joins the London Stock Exchange
- March 2008 – 7IM launches the AAP (Asset Allocated Passives) range of funds
- October 2009 – 7IM introduces 3rd party multi manager funds into the DFM service
- October 2009 – 7IM Personal Injury Fund launched
- April 2011 – 7IM launches enhanced, ‘on-demand’ client reporting
- January 2012 – 7IM Unconstrained Fund launched
- June 2012 – 7IM launches Fixed Term Deposits
- January 2013 – 7IM launches Asset Backed Lending
- March 2013 – ‘7IMagine’ launched
- June 2013 - Assets under Management pass £5bn
- October 2013 – 7IM launches preferred SIPPs with DP Pensions Ltd and Carey Pensions UK
- October 2014 – Assets Under Management pass £7bn
- January 2015 – Assets Under Management pass £8bn
- March 2015 – In partnership with AXA Wealth, 7IM announces preferred Offshore Bond offerin
- June 2015 – Assets Under Management pass £10bn
- February 2016 – 7IM launches My Future a new feature of the 7IMagine app which allows advisers and clients to enter the details of their existing savings and pension contributions, we well as spending expectations in retirement to identify when their cash will run out.
For more information, please contact: Justin Urquhart Stewart, 7IM
020 7760 8700 / 07866 427626 / email@example.com
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Seven Investment Management LLP is authorised and regulated by the Financial Conduct Authority. Member of the London Stock Exchange. Registered office: 55 Bishopsgate, London. EC2N 3AS. Registered in England and Wales No. OC378740.