TEAM, a Jersey-based wealth, asset management and complementary financial services group, has announced two international acquisitions.
The acquisitions are Globaleye Wealth Management, a Dubai headquartered Wealth Manager and the conditional acquisition of ThorntonAssociates, an Isle of Man based Financial Planning business.
At the same time, the company is announcing a robust set of results with a significant uplift in revenues and the successful integration of acquisitions made last year.
Commenting on the news, Mark Clubb (pictured), Executive Chairman of TEAM said: “The acquisitions of Globaleye Wealth Management and Thornton Associates are transformational for TEAM, marking a milestone in our development and opening up TEAM’s unique and highly successful wealth management offering to new, high-growth markets around the world. Both have the potential to deliver material cross-selling opportunities as well as revenue and cost synergies.”
TEAM is acquiring Globaleye Wealth Management Group for £5.6 million with newly issued TEAM plc shares.
Founded in 1996 by its Chairman, Tim Searle, Globaleye Wealth Management is a boutique professional advisory firm specialising in wealth management, insurance broking and complementary financial services. Headquartered in Dubai,the Group has five offices across Asia and Africa. Globaleye currently has total client assets under advice of £242 million. The partnership will deliver significant benefits of scale, synergies and cross-selling opportunities.
TEAM will gain entry into a strategically important and high growth finance centres. For Globaleye clients, there will be significant benefits as 1st June 2023 they will be able to utilise TEAM’s highly successful multi asset portfolio management, bespoke portfolio services and cash and treasury management services. The deal is expected to be earnings accretive in year one.
Closer to home, TEAM has announced the acquisition of Thornton Associates, an Isle of Man based financial planning business for £2.5 million. It is a key element of TEAM’s strategy to have representation in all of the Crown Dependencies and Thornton is the first step thatit has taken outside Jersey to this end.
Founded in 2000 by its Managing Director, Sharon Sutton, Thornton is a profitable, well managed and highly regarded business and boasts unique status as the only chartered firm on the island. The Group supports 180 client groups and has Assets under Advice of £121 million. The deal makes for a strong strategic and cultural fit with TEAM with complementary business models, strong client relationships and an active flow of new clients coming into Thornton.
TEAM has also today announced its Interim results for the period to end March 2023. Revenue grew to £1.9 million representing a substantial increase from the previous year’s corresponding period (£999,000) reflecting the contribution made by acquisitions last year and trading that was in line with expectations given a challenging environment. The Company also confirmed ongoing client migration into Team AM Model Portfolios, the Discretionary Fund Management (DFM) offering. To date, over £25 million of client assets has transitioned into these portfolios on various platforms, driven by strong investment performance and the suitability of TEAM’s offerings.
Mark Clubb added: “I am pleased to report that our interim results demonstrate our ability to deliver, demonstrating the attractions of our multi asset approach as well as our ability to successfully deliver on integrating acquisitions. As a Group we continue to have an ambitious roll-out strategy and I would like to thank our shareholders for their ongoing support.”
Matthew Moore, CFO and COO of TEAM, commented: “The acquisition of Globaleye and Thornton takes TEAM closer to £1 billion under management in our target markets, and extends our global footprint to seven countries. In doing so, we believe we are carving out a valuable section of the high net worth market who are living outside of their mainland home tax jurisdiction and in need of specialist financial advice, which in the past has not been easily accessible. TEAM is filling that space and we see significant scope to expand further.”