Team plc, the wealth, asset management and complementary financial services group, has completed the acquisition of Jersey-based financial planner Concentric Group on 8 August 2022, following the transaction being approved by the Jersey Financial Services Commission. The acquisition was first announced in May 2022.
Just a week earlier, on 1 August, Team also completed on the purchase of Jersey-based IFA Omega.
Concentric is a Jersey based financial planning and investment consultancy business, delivering investment performance and analysis for high-net worth individuals and institutional investors both in Jersey, and internationally.
Omega specialises in retirement planning, mortgage advice, life assurance and bespoke investment advisory services. This acquisition was first announced in December 2021.
Gordon Bennie, managing director of Concentric, said: "Delighted to have received the green light from the Jersey financial regulator. We have already started working together but we now can truly market ourselves as an integrated business with, I believe, as a result of acquisition, one of the best private client advisory teams in Jersey."
Kevin Allenby, managing director of Omega, said: "Since December, we have been examining the ways we can take advantage of joining Team and following the news this week, we can now put those plans into motion.
"We are bringing our client base but as of now we have hundreds more Team private clients, a large percentage of whom are based in Jersey, who may well choose to use our services."
Mark Chubb, chairman of Team, said: "This has been a good week for Team. We have been waiting for the approvals to come through and like buses they come together. We are delighted to move forward with two strong Jersey based consultancies both of which significantly enhance the range and quality of services we offer our valued private clients."
