Canadian-owned investment manager and platform 7IM has snapped up £1bn AUM Financial Planning firm Amicus Wealth, subject to regulatory approval.

London-based Amicus has more than 35 financial advisers who serve 3,000 clients.

The addition of Amicus Wealth to 7IM will create a group with a combined AUM of approximately £22bn, employing more than 550 people.

The purchase is the 7IM’s first acquisition since being sold in September by majority owner investment trust Caledonia Investments to the Ontario Teachers’ Pension Plan Board for £255m.

Dean Proctor, CEO of 7IM said: “Since our earliest days, we have always believed in the value and benefits of financial advice, so we are delighted to acquire Amicus Wealth, an advisory firm that offers a broad spectrum of Financial Planning expertise.

“This acquisition helps 7IM take the next step in its strategic growth plans, which is centred around a combination of organic growth and M&A.”

Amicus Wealth, headed by David Fry, will continue to operate as an independent company, while 7IM will support the firm with back-office capabilities.

Amicus will also benefit from the use of 7IM’s intermediary platform and range of funds and models.

Mr Fry said: “Since coming to life in 2014, Amicus Wealth has grown from strength to strength. And after a successful decade of growth, we felt the time was right to seek a new partner who could help us continue to support and advance our vision of being an innovative and client-led advisory firm that breaks the mould of a typical financial advisory firm.

“7IM felt like a natural fit to help take us forward due to its modern culture and shared values, as well as its highly regarded and award-winning technology and solutions.”

7IM was founded in 2002 by seven "escapees" from the world of big corporate finance who wanted to "start the kind of organisation they’d like to invest with themselves."

The company has made several acquisitions in recent years including Tcam Asset Management in 2018 and in 2020 London-based Financial Planning firm Partners Wealth Management (PWM). PWM continues to operate as an independent company.

7IM now has more than 550 staff in offices in London and Edinburgh managing more than £22bn for clients, including individuals and families, financial advisers, corporates, charities and trustees.

Its owner, the Ontario Teachers' Pension Plan Board, is a global investor with approximately £145bn in net assets.