7IM has this morning announced it is buying Partners Wealth Management (PWM), a City of London firm which looks after about £2 billion in client assets.

7IM said the acquisition will be part of its “broader growth strategy”, turning it into a wealth management group with AUM in excess of £17 billion and employing more than 400 people across its investment management and financial planning divisions.

7IM is backed by Caledonia Investments and its last major deal was its buyout of Edinburgh’s Tcam in 2018.