Globaleye's Tim Searle and his son Rupert have both left TEAM-owned Globaleye as the Jersey-based international wealth and asset management player said it was "grateful for their leadership" and for the "smooth handover to John Beverley" in its latest acquisition statement.
TEAM announced earlier today (12 December) that it had acquired Neba Wealth and Neba Financial Solutions for £1.18m.
The integration of Neba and Globaleye is well underway and marks the start of a new beginning for both businesses. Tim Searle is still understood to be a shareholder in TEAM.
"This acquisition marks a pivotal expansion of TEAM plc's international reach and marks a new the entrance of a new platform in global wealth management", the statement said.
A newly created division, called TEAM East, will comprise of Neba and all the operations of Globaleye Group (Globaleye) which was acquired by the Company in June 2023, creating a significant base to build a financial services business in developing markets.
It also highlighted "an intention to recruit high calibre financial advisers to TEAM East, driving growth in AUA and inflows into TEAM Asset Management funds and models".
As part of this strategic growth, Globaleye and the Neba businesses are to be rebranded as Neba Private Clients, operating under the TEAM East division. "This rebranding represents our commitment to providing bespoke private client services at a global level", the statement continued.
"The acquisition is a significant milestone in enhancing the global proposition for financial advisors. Neba Private Clients and TEAM will offer a powerful platform for financial advisors worldwide, providing unparalleled resources, support, and opportunities for growth.
"Top tier international financial advisors are expected to join Neba Private Clients and the Neba Network brand, where innovation meets tradition in wealth management, enabling an opportunity to be a part of a visionary network that values their expertise and supports personal growth."
John Beverley, the driving force behind Neba, joins TEAM as the managing director of TEAM East. His leadership will be instrumental in synergising the strengths of Neba with Globaleye, redefining the future of international wealth management.
Globaleye's previous two senior managers, Tim and Rupert Searle "have left the business and the Company is grateful for their leadership and smooth handover to John Beverley. The integration of Neba and Globaleye is well underway and marks the start of a new beginning for both businesses".
The merger of Neba and Globaleye under the Neba Private Clients banner is designed to bolster TEAM's strategic presence in key markets across Asia, East Africa, South America, and the Middle East.
"Our focus is clear - to support the best financial advisors globally and provide them with an ecosystem that fosters growth, innovation, and client-centric services", TEAM said.
Mark Club, chairman of TEAM, said: "John Beverley is a successful entrepreneur who has a disciplined approach with deep knowledge and extensive experience of overseas financial services markets. Under John, TEAM East will build a high-quality advisory service.
"I am confident that our reputation will continue to grow which, in turn, will support John as he spearheads our next phase through the recruitment of high calibre individuals to expand our client base. John will become a meaningful shareholder following conversion of his loan note aligning him with all shareholders. This is undoubtedly an exciting next step for TEAM as a whole."
John Beverley, founder and managing director of Neba, said: "I am delighted to be joining and directing TEAM East. Over the past eight years, I have built Neba Wealth and Neba Singapore into two attractive and bespoke businesses in the international financial advisory market.
"Moving these two businesses into TEAM East was not only the natural next step, but a unique opportunity to partner with a reputable quoted company as it embarks on the next stage of its global strategy."
