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Sunday, January 28, 2024

TEAM completes double adviser acquisition

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Funding supplier TEAM has acquired Monetary Planning agency Concentric Group and IFA Omega Monetary Providers, each primarily based in Jersey.

The offers accomplished inside the previous week following approval from the Jersey Monetary Providers Fee.

Concentric is a Monetary Planning and funding consultancy enterprise specialising in high-net value people and institutional traders in Jersey and internationally.

TEAM’s acquisition of Concentric was first introduced in Could and accomplished this morning.

Concentric gives funding recommendation to greater than 430 HNW and institutional traders and has property beneath recommendation of £231m.

TEAM paid an preliminary sum of £1.7m in money and pays an extra deferred sum of as much as £0.8m in new shares in TEAM.

Omega is an IFA specialising in retirement planning, mortgage recommendation, life assurance and bespoke funding advisory companies.

TEAM’s acquisition of Omega was first introduced in December and accomplished on 1 August.

Gordon Bennie, managing director of Concentric, mentioned: “We had already began working collectively however we now can actually market ourselves as an built-in enterprise with, I consider, on account of acquisition, top-of-the-line personal consumer advisory groups in Jersey.”

The offers have expanded TEAM’s property beneath administration and recommendation to rise to roughly £550 million, with roughly £1.4 billion of money beneath recommendation.

Mark Clubb, chairman of TEAM, mentioned: “This has been a superb week for TEAM. We’ve ready for the approvals to come back by and like buses they arrive collectively. We’re delighted to maneuver ahead with two robust Jersey-based consultancies each of which considerably improve the vary and high quality of companies we provide our valued personal purchasers.”

The acquisitions are TEAM’s third and fourth since inception in January 2020 when TEAM rebranded from Theta.

Different acquisitions embrace JCAP, a Jersey-based, money administration companies firm.




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