Sale talk

Caledonia plans £400 million auction of 7IM

7IM co-founder: Justin Urquhart-Stewart (pic: supplied)

Caledonia Investments is expected to invite bids for boutique fund manager 7IM after turning down an unsolicited takeover approach said to be worth £300 million.

City sources say Caledonia, which has been the controlling shareholder in 7IM since 2015, will push the button on an auction of the business in the autumn with a price tag of £400m.

More than 400 staff manage £19bn of assets at offices in London, Edinburgh and Jersey.

Evercore Partners, the investment bank, has been retained to oversee the sale process, according to Sky News, although market conditions could delay the process.

Brooks Macdonald, the London-listed asset manager, approached Caledonia Investments about a deal late last year and is expected to remain among the likely interested parties.

Since Caledonia acquired 7IM it has bought Partners Wealth Management and Tcam Asset Management, which was spun out of Edinburgh-based private client law firm Turcan Connell.

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