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Head of portfolio management set to exit UK group

Exits marks latest member of the former Tcam team to leave the business after it was acquired by 7IM in 2018.

Head of portfolio management set to exit UK group

The head of portfolio management at Seven Investment Management (7IM), Haig Bathgate, is leaving the business to pursue a new challenge.

The group confirmed that Bathgate, who joined the firm from Tcam in 2018 after 7IM acquired the Edinburgh-based DFM, will leave the business early this year, although it is unclear what his next project will be.

The group said it was ‘extremely grateful’ for his significant contribution to 7IM but was unable to comment on his next project. 

Chief executive Dean Proctor said: ‘Haig has made an invaluable contribution to 7IM during his time, in both the management of portfolios and of private clients, and we wish him all the best for the future.’

Chief investment officer Martyn Surguy will take over Bathgate’s responsibilities while the group looks to replace Bathgate.

He added: ‘I’m grateful for Haig’s contribution in helping to develop and implement our portfolio management process over the past couple of years.

‘The enhancements we’ve made and specialised team focus have seen us deliver top quartile investment performance across our portfolios throughout 2020.

‘I firmly believe that the stability of our process puts us in an excellent position to maintain this momentum across our highly diversified multi-asset portfolios throughout 2021 and beyond.’

Bathgate is the latest to leave the firm following its acquisition of Tcam in a deal that took 7IM’s assets under management (AUM) to £13.6bn.

In 2019, head of wealth management and former Tcam chief executive Alex Montgomery left the business just a year after the acquisition.

In March of the same year, 7IM chief executive and co-founder Tom Sheridan stepped down after 17 years in role, naming Dean Proctor as his successor.

The group’s AUM hit £14.6bn in the run up to the coronavirus crisis and the acquisition of London-based Partners Wealth Management further boosted the figure to approximately £17bn.

According to 7IM, the acquisition will help to accelerate its growth plans while benefiting from efficiencies of scale that are required to compete in the industry.

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