7IM owners consider sale of business

The partners of Seven Investment Management (7IM) are considering selling the business, according to reports.

The owners of the wealth manager have asked investment bank advisory firm Evercore to look into a sale of the business, according to the FT. Analysts estimate the business, which manages assets worth £7bn, could sell for as much as £60m. It is currently owned privately by its partners, alongside insurance companies Zurich and Aegon. A sale would follow a number of takeovers and mergers that have swept through the wealth management industry since the Retail Distribution Review. Recent deals which have hit the headlines include last year's merger of Tilney and Bestinvest and Towry...