New Sipp hits £126m assets in six months

New Sipp hits £126m assets in six months

Seven Investment Management's self-invested personal pension had £126m in assets under administration at the end of last year, seven months after it first entered the pension space.  

In May 2018 the discretionary fund manager launched the 7IM Sipp offering investment options including bonds, cash, exchange traded products, structured products, equities, managed pension funds and real estate investment trusts - but excluded non-standard investments. 

In its 2018 financial results published today (August 5) 7IM announced the Sipp, which is fully integrated with the fund manager's own platform, had assets under administration of £126m at the end of December last year. 

This was announced alongside pre-tax profits of £10.5m at the company for 2018, which had increased by 17 per cent from £9m in 2017. 

Assets under management at 7IM grew by 7 per cent last year reaching £13.3bn, up from £12.4bn the previous year, and assets on its platform increased by 19 per cent to £9.1bn.

Dean Proctor, chief executive at 7IM, said: "Last year was significant for 7IM with the acquisition and integration of Tcam as well as continued investment in technology, products and people.

"2018 also saw the business extend its track record of year-on-year growth to over a decade.

"We have recently concluded a strategic review which we believe will form the basis of continued growth at 7IM, underpinned by service, innovation and performance."

In May last year 7IM bought Edinburgh-based discretionary fund manager Tcam Asset Management for an undisclosed sum, in a deal which added £1.1bn assets under management to the company.

In today's statement the company said the majority of Tcam's clients and assets had migrated to 7IM by December last year. 

In March 7IM announced the retirement of Tom Sheridan, its chief executive and one of the seven founders of the company, with current chief executive Mr Proctor joining the business to replace him. 

Mr Proctor said: "I am delighted to have joined 7IM in April this year. After approaching four months with the business, meeting many customers, clients and partners, I am excited by the opportunities in front of us and am confident that 7IM can deliver for all its stakeholders." 


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