Seven Investment Management is to buy Edinburgh-based investment and Financial Planning firm Tcam Asset Management for an undisclosed sum.

Tcam offers a range of investment and Financial Planning services including Family Office, Financial Planning, Wealth Management, Discretionary Investment Management and what it calls a new area of ‘Clan Investing’ where a group of investors put money into niche projects.

The merged firm will have £13.6 billion assets under management and offices in London, Edinburgh and Jersey. The Tcam brand will continue for a short while but operate under the 7IM name by the end of the year. The deal is subject to FCA approval.

7IM says the deal combines 7IM’s risk management, research and platform capabilities with Tcam’s active management strength. Both firms have a multi asset investment approach and aligned investment philosophies.

7IM was established in 2002 by Tom Sheridan and Justin Urquhart Stewart and is based in London with offices in Edinburgh and Jersey. It has assets under management of £12.5 billion and 266 staff. Caledonia Investments plc became the majority investor in 2015.

Tcam is an Edinburgh-based investment firm spun out of Scottish law firm Turcan Connell via an MBO in 2015.

Tcam provides investment management products and advice to high net worth clients across the UK, with total assets under management of £1.1 billion. It has 64 staff and is managed by joint chief executives Alex Montgomery and Haig Bathgate. Both will become partners and investors in 7IM and will join the 7IM Management Committee. Several of Tcam’s senior team members will also become partners in 7IM.

Tom Sheridan, chief executive of 7IM said: “The combination of 7IM and Tcam is a great fit, both commercially and culturally. This also significantly deepens our presence in Scotland.”

Haig Bathgate, joint chief executive of Tcam, said: “Our two firms share a common mindset and the respect between us is considerable. We believe we shall strengthen the investment proposition to both sets of clients by taking the best of both approaches, and we believe our clients will strongly benefit from 7IM’s greater research and risk management resource, not to mention the 7IM technology.”