TEAM buys Jersey wealth manager for £2.5m

Concentric provides investment advice to more than 430 HNW and institutional investors and has assets under advice of £231m.

TEAM will pay an initial sum of £1.7 million in cash plus a further deferred sum of up to £0.8 million in new shares in TEAM.

The acquisition is expected to complete in the Autumn.

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TEAM says it is buying Concentric because it has an entrepreneurial management team who are well known to TEAM and the acquisition will build on existing working relationships between the two businesses. 

TEAM sees potential cost and revenue “synergies” and hopes to be able to offer Concentric services to TEAM clients and vice versa. TEAM also sees scope to develop Concentric’s distribution overseas markets for HNW clients and fiduciaries.

When the deal, subject to regulatory approval, is completed TEAM expects its assets under management and advice to rise to approximately £550 million, with approximately £1.4 billion of cash under advice.

The acquisition is TEAM’s fourth since inception in January 2020 when TEAM rebranded from Theta. Acquisitions include JCAP, a Jersey-based, cash management services company and Omega, a Jersey based IFA consultancy.

Matthew Moore, CFO of TEAM, said: “Concentric is led by an experienced, ambitious team who have built a good business, growing the client base, services and staff, revenues and EBITDA in a challenging market. 

“We are delighted they see the transaction as a stepping stone to achieve their own goals, by being part of a larger, wealth management business, with shared values and the ability to offer clients a broader range of investment advice services.  

“Core to Concentrics’s investment approach is to focus on modern quantitative and qualitative analysis, with an emphasis on impact, ESG and sustainable development goals investing. These are values shared with TEAM and a basis for significantly expanding Concentric’s customer base by targeting the aspirations of the upcoming generation of investors in Jersey, the UK and internationally.”

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