International Adviser understands the deal is not yet sealed but the multi-asset manager confirmed on Wednesday it is in negotiations with the island’s regulator, Jersey Financial Services Commission, and these are expected to conclude with an opening in early 2018.
Chief executive Tom Sheridan said: “7IM has for some time been considering expansion into the wider offshore marketplace. We are in the process of completing our various regulatory applications and intend to open an office in Jersey in early 2018 – we look forward to announcing in due course our chosen leadership team.”
While awaiting approval, 7IM, which has more than £11bn ($14.8bn, €12.5bn) of funds under management, said they had attracted “significant assets” to their existing funds from offshore advisers.
“We have already been successful in attracting significant assets with flows from offshore trustees, investment consultants and financial planners alike,” said Sheridan.
Sources close to the deal stressed the decision to go for a Jersey licence was purely a commercial opportunity.
Wide demand
“We have identified strong demand for both discretionary investment services and also for innovative platform technology from advisers, trustees and professional intermediaries and have a leading offshore platform, with custody arrangements in Jersey, Sheridan said.
“Alongside this will be our award winning multi asset risk rated investment offering, available via onshore or offshore solutions.
“We believe this, delivered with or without discretionary service advice, will help to set us apart from many,” he said.
“As with our main UK business, the quality and calibre of these individuals is in line with our desire to culturally do the right thing and grow a successful long term scalable proposition. It will be an important and exciting step in the continued growth of 7IM,” said Sheridan.
In April, 7IM launched a managed investment service for advisers which added new features to its flagship discretionary managed portfolio.
