Globaleye founder Tim Searle is to stay on its chairman and 'substantial TEAM shareholder following the acquisition by the Jersey-headquartered wealth firm consolidator.
In its own statement, the Dubai-headquartered wealth and financial planning firm cited strong synergies with TEAM.
"The combined strength of both businesses will enable us to offer a broader range of in-house services, including cash and treasury management services in addition to the tax, estate, and wealth planning services we already provide," said Globaleye chairman Timothy Searle.
Both companies would offer complementary services, adding significant synergies and a more comprehensive offering for clients.
Globaleye further said it will continue to pursue its expansion strategy in the Middle East, Asia and Africa with the full support of TEAM and its experienced M&A management team.
Strategic initiatives include hiring top talent from the region and talent wishing to relocate from abroad, growing by acquisition and opening licensed entities in new markets.
Searle said: "Needless to say, the regions we currently operate in are experiencing strong growth. However, new opportunities may arise, such as a presence in Saudi Arabia."
The nature of the transaction foresees that Globaleye shareholders are fully paid with TEAM shares.
Searle added: "Since Globaleye's inception in 1996, I have been passionate about building a business that delivers quality advice and wealth solutions to private clients. I am not seeking an exit but rather a partner who can support our growth ambitions. I am proud to become a significant shareholder in TEAM."
He will remain chairman of Globaleye and "work closely to support the company going forward on its growth ambitions".
Read II's report of the details about TEAM's acquisition of Globaleye and Isle of Man-based Thornton Associates here.
