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Private equity firms circle £100m 7IM

Private equity firms are circling Seven Investment Management and could value the wealth manager at over £100m, Money Marketing understands.

7IM was founded by Justin Urquhart Stewart and Tom Sheridan in 2001, and has grown from a handful of employees to about 170.

It runs about £8bn of assets and is owned by its partners as well as insurance giants Aegon and Zurich.

In February it was reported that Aegon and Zurich had appointed Evercore to advise on a potential sale, with the business expected to be valued at between £50m and £60m.

But Money Marketing understands the wealth manager is due to be valued significantly higher and a number of private equity businesses and industry firms have expressed interest in the sale.

A source close to the deal says: “There is a great deal of interest around 7IM, particularly from private equity businesses. It looks like it could be valued upwards of £100m.”

Money Marketing understands 7IM’s partners would need to approve any deal for it to go ahead.

7IM, Aegon and Zurich all declined to comment.

Pilot Financial Planning director Ian Thomas says: “7IM has a good reputation but may be difficult to value as it is both an asset manager and a platform.”

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