7IM sees AUM jump 9% in 2019 as profits and revenues rise

Source: Investment Week David Brenchley 2020-08-26

Refreshed strategy and senior hires

7IM CEO Dean Proctor

7IM Group saw its assets under management (AUM) climb 9.2% to £14.6bn in its full year to 31 December 2019, with increases in revenue and profits.

In an update on Tuesday (25 August), the firm said it had been buoyed by "the development and implementation of a refreshed company strategy and culture, as well as several senior appointments".

Its AUM rose to close in on the £15bn mark, up from £13.3bn at the 2018 year-end, while group profits before tax soared 15% to £9.3m on group revenue of £70.9m, up 5.2%.

The results account for the period before Covid-19 hit, with no update on the current year's trading.

CEO Dean Proctor said 2019 was "a year of change" in which the company "maintained our positive momentum and we have seen the business extends its track record of year-on-year growth".

"The key drivers of our continued success have been the refreshed strategy and culture introduced last summer, as well as the launch of several cutting-edge solutions - which have seen the business getting back to its roots of being a market challenger and an innovator," Proctor said.

"While 2020 has undoubtedly had its challenges so far, brought about by the Covid-19 crisis, I'm confident about the future of 7IM. We now have the right people, the right strategy and the right culture in place.

"We are also committed to investing more in our award-winning platform and launching new products to meet our clients evolving needs.

"With the above in mind, I do not see any reason why 7IM cannot emerge from this difficult period with a brighter and more positive outlook than when we entered it."

7IM sees AUM jump 9% in 2019 as profits and revenues rise

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