The FCA has approved the appointment of former Barclays managing director Dean Proctor as chief executive of Seven Investment Management.
Proctor replaces Tom Sheridan who announced his departure from the firm in March after 17 years.
7IM, which launched as a discretionary fund manager in 2002, currently has £14bn in assets under management and also provides technology and service solutions.
Proctor says: “The FCA approval is an important milestone and one of many that over the next few months and years that will demonstrate our commitment to continue to partner and grow with our clients.
“The focus for me and my team, is to now build upon this solid foundation, imagine and position ourselves for the future given the constantly changing landscape.”
In the last year, 7IM has made a number of new moves including an entry into the Sipp market, the acquisition of Edinburgh-based discretionary fund manager Tcam, and has also cut platform fees for clients on its platform.
Proctor says: “In the short time I’ve been at 7IM it’s become apparent that we have the foundations of a great business with many strong capabilities and solutions.
“We are focused on delivering on our commitments through innovative, customer-centric solutions and services to both our advisory partners and private clients.”