TEAM, the Jersey- based wealth, asset management and complementary financial services group has acquired Dubai headquartered Globaleye Wealth Management and Thornton Associates, based in the Isle of Man.
The two deals, the fifth and sixth acquisitions since TEAM came to the market in 2021 deliver on TEAM's strategy to build and expand into fast-growing international finance centres, it said in a statement on 1 June.
Together the acquisitions increase TEAM's total AUM to over £850m.
The acquisition of Globaleye is for a consideration of up to £5.6m offering "entry into strategically important and high growth international financial centres".
TEAM also separately announced its interim results today and the conditional acquisition of Thornton Associates, trading as Thornton Chartered Financial Planners, conditionally agreeing to acquire the entire issued share capital for a consideration of up to £2.5m.
Thornton is an Isle of Man based financial planning business with assets under advice of £121m and approximately 180 client groups, typically high-net-worth couples and families.
The deal allows Team to expand its operation across the Crown Dependencies.
Team plans to integrate Thornton into its financial planning activities, moving towards one operating model and brand.
On completion of the acquisition, an initial consideration of £900,000 is payable in cash, plus an amount equal to the net assets of Thornton of £250,000 less regulatory capital of £50,000.
In addition, a deferred consideration of up to £1.4m is payable, half in new Team shares and half in cash. The deferred consideration is payable in two instalments of up to £700,000, dependent upon the revenue generated by Thornton in the 24 months following Ccmpletion.
The acquisition is subject to approval by the Isle of Man Financial Services Commission and is expected to complete in Autumn 2023.
Matthew Moore, CFO and COO of TEAM said: "The acquisition of Globaleye and Thornton takes TEAM closer to $1 billion under management and advice 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. Team is filling that space and we see significant scope to expand further.
"In the Isle of Man, Thornton has been at the forefront of financial planning to help its clients manage, protect and maximise their wealth. In doing so, it has built a strong reputation across the island. Becoming part of Team is a natural fit and will, we believe, facilitate the next stage of growth for Thornton which will benefit from being part of a larger group, offering a wider range of services whilst maintaining the same customer centric ethos.
"We are delighted to welcome Thornton into the Group. The acquisition is a natural extension into the Isle of Man from our base in Jersey and matches our strategy to build a new wealth, asset management and complementary financial services group with a focus on the UK, Crown Dependencies and International Finance Centres."
Tim Searle, chairman and founder of Globaleye said: "There is a compelling strategic rationale for joining forces and the companies are a strong cultural fit, both from an entrepreneurial and performance-driven culture.
"Our clients will be able to benefit from TEAM's highly successful multi-asset portfolio management, bespoke portfolio and cash and treasury management service. For our valued team at Globaleye Wealth Management, there will be an opportunity to work within a collegiate and client focused culture and to take advantage of TEAM's complementary management and support services. I look forward to joining TEAM as a substantial and supportive shareholder."
Martin Clubb, executive chairman of TEAM added: "In May of last year, we stated our ambition to grow internationally within the other Crown Dependencies as well as further afield including in the Middle East and Asia.
"Our multi-asset strategies have delivered robust returns in challenging markets and this acquisition represents a major opportunity to transition Globaleye's clients from third-party managers to the TEAM asset management model portfolios and bespoke portfolio services.
"There will be cash and treasury management opportunities for Globaleye clients which will drive benefits of scale and improve client yields and revenues.
"I look forward to welcoming Tim Searle and Patrick Liotard-Vogt of Globaleye who will become substantial shareholders of TEAM. As a Group, we continue to have an ambitious roll-out strategy which requires ongoing support from current and future shareholders - I shall continue to provide my support as a shareholder.
"Overall, I believe these recent acquisitions are transformational, opening up a much larger stage for TEAM."
