An Isle of Man-based financial planning business has been acquired by Team plc, a wealth, asset management and complementary financial services group, in a deal worth up to £2.5m.
Thornton Associates Ltd, trading as Thornton Chartered Financial Planners, has assets under advice of £121m and approximately 180 client groups, typically high net worth couples and families.
The business was founded in 2000 by its managing director, Sharon Sutton.
Team said Thornton was a natural fit with its assets in Jersey and in line with strategy to expand into other crown dependencies.
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.