Adrian Grace, a heavyweight business in the Scottish financial services industry, has been appointed Chairman of Investment Management Company 7IM, which has a large presence in Scotland.
A few months after stepping down as chief executive of Edinburgh-based Aegon UK, which he led for approximately a decade, Grace took the role.
Aegon UK earns Dutch owners’ vote of confidence
As part of the group’s succession plan, Mr. Grace stepped down from the board of Clydesdale Bank, Virgin Money’s owner, in May.
7IM, formerly known as Seven Investment Management, said Mr. Grace will bring considerable skills and insight to the mix of solutions for technology and financial services, as well as comprehensive mergers and acquisitions experience.
Mr. Grace has moved the focus of Aegon UK from conventional preparing for retirement to offering online tools that can help investors control their portfolios. Via acquisitions, he helped the firm grow a significant business.
7IM is headquartered in London, but in 2018, when it acquired Edinburgh-based asset management company TCAM, it underscored its confidence in the value of the Scottish industry. In a management buyout in 2015, TCAM was spun off from law firm Turcan Connell.
Opinion – The benefit of 7IM from Tcam is the loss of the Scottish legal sector.
The acquisition allowed 7IM to raise assets under management at the time by approximately £ 1 billion to £ 13.6 billion. The organization currently holds assets of about 14 billion pounds.
With a total workforce of about 360, 7IM hires 72 people in Scotland.
The business was founded in 2002 by Tom Sheridan and Justin Urquhart Stuart.
Mr. Grace said 7IM has a good track record of creativity and emphasis on technology.
He succeeded Ian Owen, who stepped down after nearly five years as chairman.
Prior to joining Aegon UK, Grace held senior positions at HBOS, Barclays, Sage and GE Capital.
Clydesdale owner under fire over plans to close branches and threaten 100 job cuts
In 2015, he was appointed non-executive director of Clydesdale Bank. This became part of the CYBG business, which acquired Virgin Money for £1.7 billion in 2018 and then took his name.