Team makes latest acquisition as part of wealth management services consolidation strategy
Wealth manager and financial services consolidator Team is buying Jersey-based financial planning and investment consultancy Concentric for an initial £1.7m in cash, plus deferred consideration of up to £800,000 in shares. The deal still requires approval from the Jersey Financial Services Commission, and it should complete in August. A subscription is raising £2.65m at 60p a share to finance the deal and provide additional cash.
Concentric has £231m of assets under advice and the deal will build on an existing relationship. Concentric could develop in markets outside of Jersey.
TEAM plc (LON:TEAM) is building a new wealth, asset management and complementary financial services group. With a focus on the UK, Crown Dependencies and International Finance Centres, the strategy is to build local businesses of scale around TEAM’s core skill of providing investment management services.