Costs were up at Seven Investment Management (7IM) in 2018, as the wealth manager invested in its systems and grew its headcount.

Administrative expenses totalled £33.2 million for full-year 2018, up 10.7 percent from £29.9 million a year earlier. Staff costs increased 13 percent to £16.9 million, as average headcount for the year rose to 278 from 248 in 2017, partly the result of a major acquisition.

Revenue grew four percent to £64.5 million. The firm managed £13.3 billion (up seven percent on 2017) on behalf of clients at 31 December 2018, and this figure has since increased to around £14.3 billion.

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