The decision comes as part of 7IM’s strategy to accelerate growth, spurred by a recent investment agreement with the Ontario Teachers’ Pension Plan.
As part of the initiative, 7IM selected AI fintech business Aveni.ai as its AI partner and will deploy Aveni’s generative AI and natural language processing (NLP)-based technology platform to “further strengthen its risk assurance capabilities”.
The adoption of the latest advances means 7IM can work on building a “highly scalable operating platform”, which it said is in line with the Financial Conduct Authority’s “data-first” approach.
7IM chief risk officer Jana Sivananthan said: “7IM is a business that has a long history of putting its clients first by staying at the forefront of technological innovation. This approach is reflected in the choice to partner with Aveni for strategic AI adoption.”
“The recent announcement of Ontario Teachers’ intended acquisition of 7IM underlines our leading position in the UK asset and wealth management sector and creates an exciting opportunity to invest in further business transformation and scale significantly.”