Seven Investment Management (7IM) is expanding its presence in the UK with the acquisition of Solihull-based Eastcote Wealth Management for an undisclosed sum.

With offices already established in London and Edinburgh, the acquisition will give 7IM a base in the Midlands to broaden the reach of its operations.

Founded in 2002, 7IM is a wealth and investment management firm that currently claims to manage “over £24 billion of assets on behalf of more than 2,300 financial advisory firms and 7,000 private wealth clients” across the country.

The company’s CEO, Dean Proctor, says its expansion into the Midlands “felt like the next natural step”, adding that the firm “wanted to expand our footprint across key wealth centres in the UK”.

Eastcote Wealth Management is a financial planning and independent advice company that currently manages around £430 million worth of assets for around 735 clients.

7IM says that following the acquisition, Eastcote Wealth Management will retain its brand and independent investment proposition “for the time being”. The company’s existing management team will also continue to lead the firm.

The deal follows 7IM’s acquisition of London-based financial planning firm Amicus Wealth in December as it continues to pursue its long-term growth strategy.

7IM was itself the subject of acquisition activity in September last year, with Canada’s Ontario Teachers’ Pension Plan (OTPP) buying a majority stake in the company from Caledonia Investments in a £255 million deal.