Seven Investment Management (7IM) has acquired Rockhold Asset Management to expand its investment proposition.
The acquisition, which is subject to regulatory approval, will take 7IM’s assets under management to around £27bn.
Rockhold Asset Management was launched in 2022 by the ASHL Group and now manages around £2bn of clients’ assets.
It offers a managed portfolio service, multi-manager funds and a full bespoke discretionary management service to clients of the advisory firms operating within the Sense and Lyncombe networks, which it will continue to serve.
7IM said the deal will complement its existing investment management capabilities as well as broaden its funds and MPS offering.
The wealth manager added that its MPS offering is a core component of its growth strategy, with over £10bn under management.
Rockhold will continue operating under its current brand and leadership, while benefiting from 7IM’s significant investment management capabilities and infrastructure.
It will remain as the primary model portfolio proposition for ASHL’s restricted advisers and also available to independent advisers in the Sense and Lyncombe networks as a suitable fit within their advice processes and risk assessment framework.
Dean Proctor, chief executive of 7IM said: “The acquisition is a natural fit for us, as it strengthens our commitment to offering clients the best possible investment options and services.
“It also marks an important milestone in our growth strategy, reinforcing our position as a trusted partner for investors, financial advisers and advice firms seeking diversified, high-quality investment solutions.
“While strategic and selective acquisitions will remain a key part of our long-term strategy, organic growth continues to be a central pillar of 7IM’s plans moving forward, and we will continue to invest in and develop our existing capabilities for our clients to drive our growth.”
Andy Ferns, managing director, ASHL/Rockhold Asset Management, added: “Following our outstanding growth over the last few years, our discretionary fund management business will now benefit from the partnership with 7IM, a leading investment business.
“ASHL advisers using Rockhold’s portfolios will now have unique access to 7IM’s unquestionable investment capability, award-winning platform and market-leading solutions.”
From what I have heard, this wasn’t exactly what ASHL network members were told yesterday – it was put forward as a joint venture of equal sides, not an acquisition. It’s an interesting move given ASHL could never justify the Rockhold proposition to so many of its network members which tells a story in itself. A further shift to the realms of the DFM proposition seems a bit weird, though I am sure the Directors at ASHL will do very nicely out of the deal on the back of the hard work of advisers.
As Lyncombe advisers we are being highly pressurised to use Rockhold. Performance wise all my clients’ portfolios we have compared have outperformed Rockhold.