The latest mergers, acquisitions and other corporate actions in the wealth management sector.

7IM, Amicus

The UK-based investment firm 7IM has combined its private client business with Amicus Wealth to create Amicus Wealth Management, building a group with a combined £3 billion ($4.02 billion) of client money. 

Across all its operations, including Private Client, 7IM oversaw a total of £24.5 billion as of 31 January this year.

7IM acquired Amicus Wealth in December 2023.

Amicus, which is headquartered in London, will be led jointly by managing directors Ben Covey and David Fry. 

As part of the merger, the firm is launching a new brand and visual identity, including a new website. 

“The launch of Amicus Wealth Management is a significant milestone for 7IM and a powerful statement of our ambition in the UK wealth market,” Dean Proctor, CEO of 7IM, said: "By bringing together our Private Client business and Amicus Wealth, we have created a firm with the scale, talent and capability to deliver outstanding long-term financial plans and outcomes for clients. This is not just a combination of businesses, but the creation of a modern wealth management firm built for long-term growth, innovation and excellence in client service.”

Ben Covey, managing director, Amicus Wealth Management, said: “Bringing our Private Client business and Amicus Wealth together creates a stronger, more resilient firm with greater depth of expertise – and that means an even better experience for our clients.”

Suttons, KSP

Financial planning and wealth management firm Suttons Independent Financial Advisors has acquired Wilmslow-based KSP Financial as it continues to expand across the north west of the UK.

KSP Financial advises clients across Cheshire and surrounding counties on pensions and retirement planning, financial planning, investments and life insurance. The deal follows Suttons’ acquisition last year of Bolton firm Whitewell Financial Planning. Alongside organic growth, the transactions have increased Suttons’ assets under management to more than £330 million. This is an example of consolidation across the spectrum of wealth management in the UK regions. 

KSP was established in 2019 and has £10 million of assets under management. It is headed by Keith Phillips, who will remain as a consultant following the transaction. KSP’s client base includes entrepreneurs, company directors and professionals ranging from solicitors and architects to surveyors, head teachers and engineers, along with retirees.

Robin Hastings, a corporate partner at northwest law firm Bermans, advised Suttons on the deal. David Owen of Bluefriars Acquisition Services advised KSP Financial.

The financial terms of the deal were undisclosed.

Suttons, which was established in 2006 by Harvey Sutton (pictured below), is based in Sale, Greater Manchester. The chartered financial planning firm provides wealth management, tax, pensions and retirement planning advice to a client base that includes professionals, business owners and entrepreneurs. It also advises on mortgages, protection and savings. 

Ben Preston (pictured below), managing director of Suttons, said the firm continues to seek suitable acquisitions as it seeks to increase its reach.

(Left to right: Harvey Sutton and Ben Preston)