TEAM, the wealth, asset management and complementary financial services group, has conditionally agreed to purchase the entire issued and to be issued share capital of Concentric Group.
Under the agreement, TEAM will pay an initial consideration of £1.7m in cash, in addition to a further deferred consideration of up to £0.8m in new TEAM shares.
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The deal is subject to approval by the Jersey Financial Services Commission.
Jersey-based Concentric is financial planning and investment consultancy business catering to high-net-worth (HNW) individuals and institutional investors in Jersey and worldwide.
It currently serves more than 430 retail, HNW and institutional investors with assets under advice (AUA) of £231m.
As part of TEAM, Concentric will offer its services to current and future TEAM Asset Management clients.
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By GlobalDataThe deal is also expected to help the Jersey firm expand distribution capabilities into overseas markets for HNWI clients and fiduciaries.
TEAM CFO Matthew Moore 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.”
Following the close of the deal, TEAM is expected to have assets under management and advice of approximately £550m, with approximately £1.4bn of cash under advice.
Moore further said: “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.”
