TEAM: AIM-listed asset manager in acquisition spree with £850m now under control
TEAM, the Jersey-based asset manager, has announced two acquisitions today bringing its total funds under control to more than £850m
It agreed to buy Thornton Associates, based in the Isle of Man, for up to £2.5m and that the acquisition was a “natural fit” for its existing assets in Jersey.
Thornton serves around 180 clients, the majority of which are high net worth couples. TEAM said the deal will further the company’s strategy to expand in UK Crown Dependencies.
The AIM-listed firm also picked up international wealth management business Dubai-based Globaleye for £5.6m.
TEAM said the acquisition enabled entry into “strategically important and high growth international finance centres”.
The deals are the fifth and sixth acquisitions since its flotation back in March 2021. Since then its shares have lost more than half its value to trade at 41.40p.
Chief finance officer Matthew Moore said: “The acquisitions of Globaleye and Thornton takes TEAM closer to £1bn under management and advice in our target markets and extends our global footprint to seven countries.
“In doing so, we believe we are carving out a valuable section of the high net worth market who are living outside of their mainland home tax jurisdiction and are in need of specialist financial advice, which in the past has not been easily accessible,” he continued.
Alongside the acquisitions, TEAM also announced its financial results for the first half of the year. In the six months to April, TEAM reported a pretax loss of £506,000, narrowed from £710,000.
Its total assets under management climbed to £244.7m at the end of March from £232.1m at the beginning of October. The firm said it saw increasing interest in its treasury management services as a result of instability in the banking sector.
Its revenue jumped to £1.9m from £999,000 the year before, boosted by its previous acquisitions..