7IM has bought Rockhold Asset Management, bringing assets under management to around £27bn.
It said the acquisition will complement the firm's existing investment management capabilities.
Rockhold was launched in 2022 by the ASHL Group and has £2bn of assets.
It offers a managed portfolio service, multi-manager funds and a discretionary management service to the clients of the advisory firms operating within the Sense and Lyncombe networks, which it will continue to serve.
7IM said the purchase will allow it to broaden its funds and MPS offering. It said this is a "core component" of its growth strategy which will now have more than £10bn under management.
Dean Proctor, CEO 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."
Rockhold is set to continue operating under its current brand and leadership, and will remain the primary model portfolio proposition for ASHL’s restricted advisers and also available to independent advisers in the Sense and Lyncombe networks.
Proctor added: "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, said the firm's discretionary fund management business will benefit from the acquisition, which is still subject to FCA approval.
He added: "ASHL advisers using Rockhold’s portfolios will now have unique access to 7IM’s unquestionable investment capability, award-winning platform and market-leading solutions."
tara.o'connor@ft.com
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