Boutique fund manager 7IM for sale

BOUTIQUE City fund manager 7IM will be put up for sale later this year, according to Sky News.

7IM was founded in 2002 by a team including Justin Urquhart Stewart, an ambassador for the firm.

It was bought by London-listed Caledonia Investments in 2015 in a deal valuing it at £100m. Caledonia has hired investment bank Evercore Partners to oversee a sale this year. Sources told Sky News the sale could value 7IM at around £400m. But they cautioned the sale could be pushed back if market turmoil is ongoing.

It comes after another asset manager Brooks Macdonald last year approached 7IM’s controlling shareholder about a deal.

It is thought Brooks Macdonald, which is also listed in London, will be a contender in the auction for 7IM as well as private equity firms.