CompaniesAug 17 2016

7IM profits jump by a quarter

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7IM profits jump by a quarter

Seven Investment Management has reported a 25 per cent jump in its pre-tax profits, marking a positive year for the company after its takeover by Caledonia Investments back in September.

According to the company’s full year results for 2015, pre-tax profits bounced to £18.1m, from the £14.5bn figure reported at the end of 2014.

The discretionary fund manager also pulled in more than a billion in new assets throughout 2015, rising 69 per cent to £2.7bn compared to 2014’s figure of £1.6bn.

These inflows helped push its assets under management up 30 per cent over the year, reaching £10.1bn from £7.7bn.

This influx of new assets included £382m from Threadneedle’s multi-manager range, which was merged with 7IM funds back in April 2015.

7IM was previously owned by Aegon UK and Allied Zurich Holdings, which had 25.1 per cent and 74.9 per cent stakes respectively, but both companies sold their chunks to Caledonia last year.

The report stated that 7IM is “well positioned” to take advantage of opportunities in the marketplace.

The business developed a number of distribution channels throughout 2015 and improved its platform functions for financial advisers.

New tools for the firm’s mobile app 7IMagine have also been launched this year.

katherine.denham@ft.com