Platform and wealth manager 7IM has acquired £750m AUM Chichester-based Financial Planning firm CPN Group.
CPN, based in Chichester, West Sussex, provides Financial Planning and discretionary investment management.
CPN will join 7IM's Amicus Wealth Management arm which combines 7IM and Amicus’s private client businesses. Amicus was this week rebranded and relaunched
CPN has more than 2,800 clients and a team of Financial Planners who oversee over £750m of assets under advice via CPN Financial Services Limited. CPN also manages two OEIC funds with £400m of assets under management via CPN Investment Management LLP.
The CPN Financial Services Limited team will join Amicus Wealth Management which was acquired by 7IM in 2023. 7IM says the deal brings together three “exceptional-quality” advice businesses under one enhanced brand.
CPN IM will merge with 7IM’s Investment Solutions business which will manage the two CPN funds.
CPN’s clients will receive access to Amicus’ advice-led and technology-enabled offering, including the Wealth Management 360 proposition, which provides clients with integrated planning, platform and investment services.
7IM says the combination adds scale to the newly-combined Amicus firm and strengthens its presence in the South of England. Following the acquisition, the enlarged Amicus business will advise over 6,800 clients with £3.3bn assets under management and 7IM Investment Solutions will manage about £11bn of client assets.
7IM was established in 2002 and employs more than 900 staff who collectively look after £32.5 billion of assets. 7IM’s says the deal will spur its strategic growth ambitions to build the UK’s leading, advice-centric wealth management firm underpinned by organic growth and selective acquisitions.
Dean Proctor, CEO of 7IM, said: “Bringing CPN into the group strengthens Amicus and expands the capabilities we can offer to clients across the region. While organic growth remains at the core of our longterm plan, we will continue to complement it with targeted acquisitions that enhance our capabilities, broaden our reach and deliver meaningful value for clients.”
Charlie Nicholls, CEO of CPN Group, said: “This sale marks an important step for CPN, providing greater scale, enhanced capability and long-term stability for our clients and our team. We look forward to working closely with 7IM as we build on our shared values and continue delivering high-quality advice and investment management.”
Ben Covey, managing director of Amicus Wealth Management, said: “We’re very pleased to welcome CPN into the Amicus team. Their team brings deep planning expertise, longstanding client relationships and a culture that closely mirrors our own.”
7IM was acquired by the Ontario Teachers’ Pension Plan in January 2024.
Financial Planning Today Analysis: 7IM’s recent acquisitions and desire to build its Amicus advice-led operation suggest long term faith in the ability of the advice sector to help grow revenues. They also widen 7IM’s operation away from over-reliance on its platform and pure investment side. This ‘multi-play’ strategy is becoming increasingly common.