7IM sees AUM increase by 24 per cent for 2020
7IM has announced another year of growth with an increase in assets under management over 2020 to GBP18.1 billion.
2020 saw 7IM launch its 7IM Pathbuilder funds, a range of low-cost multi-asset solutions to complement its existing comprehensive investment proposition. As part of a wider focus on sustainability, 7IM also reduced the annual management charge (AMC) on the 7IM Sustainable Balance Fund by 0.25 per cent.
The firm writes that 7IM continued to deliver strong growth in its Platform business over the course of the year as the multi-year investment program delivered greater and improved functionality to its customers. Initiatives like digital account opening have been especially beneficial over the last period.
2020 also saw 7IM complete the acquisitions of London-based advice firm Partners Wealth Management and Find a Wealth Manager, a wealth manager search website.
The firm’s investment process was another key driver of success. The 7IM strategic asset allocation framework, which underpins its investment process, successfully navigated a challenging and volatile 2020, insulating clients’ portfolios from the worst of the Covid-19 crisis and delivering significant value over the course of the year.
Dean Proctor, Chief Executive Officer, 7IM says:
“2020 was, without exaggeration, one of the most challenging years in economic, social and financial history. The disruption caused by the spread of Covid-19 has been unprecedented and means that all of us have had to adapt and demonstrate a newfound resilience.
“For us at 7IM it has been no different. As I look back on 2020, I am incredibly proud of the spirit and resilience that my colleagues have demonstrated throughout the crisis. They have adapted incredibly quickly, allowing us to navigate this extremely difficult period successfully, to continue to drive the business forward and most importantly to deliver for our customers and clients.
“It is testament to that spirit, and the culture that we have built, that we have been able to continue our growth journey, investing across the business and successfully completing two acquisitions. These developments bring greater efficiencies of scale and enable us to deliver a superior service to our clients.
“2020 also saw us make significant investments into our proprietary platform technology, launching a series of updates to further improve the user experience. Furthermore, we were delighted to enhance our investment proposition with the launch of 7IM Pathbuilder fund range and by reducing the fees on our Sustainable Balance Fund, both of which are crucial to the ongoing success of 7IM.
“Of course, like many firms, we saw a reduction in profitability last year, principally due to the Covid-19 related major market movements in the first quarter of 2020. However, as the year progressed, we saw profitability gradually recover.
“So far, 2021 has been a year of momentum for 7IM, with our current financial results for this year reflecting this. As we emerge from the Covid-19 crisis, we look forward to maintaining this momentum and continuing our growth journey through further investment into both our people, platform and proposition.”