- Concentric is a successful Jersey-based investment consultancy business providing investment advice and analysis to over 430 retail, HNWI and institutional investors, with assets under advice (“AUA”) of £231 million (as at 31 December 2021). An initial consideration of £1.7 million is payable in cash, plus further deferred consideration of up to £0.8 million in new shares in TEAM.
- Concentric has an entrepreneurial management team who are well known to TEAM and the Acquisition will facilitate a natural step up in the existing working relationships between the two businesses.
- In addition:
- Potential cost and revenue synergies have been identified by the Directors;
- Opportunity to offer Concentric services to current and future TEAM Asset Management clients, and vice versa; and
- Scope to develop Concentric’s distribution capabilities into overseas markets for HNWI clients and fiduciaries.
- On completion of the Acquisition, which is subject to regulatory approval, the directors currently expect TEAM to have assets under management and advice of approximately £550 million, with approximately £1.4 billion of cash under advice.
- The Acquisition is the fourth transaction the Company has made since inception in January 2020, following on from:
- January 2020 – Theta (now called TEAM Asset Management), Jersey based, investment management;
- July 2021 – JCAP, Jersey based, cash management services; and
- December 2021 – Omega, Jersey based, IFA consultancy (awaiting regulatory approval).
- The Acquisition is expected to complete in Autumn 2022.
Matthew Moore, CFO of TEAM, commented:
“Concentric is led by an experienced, ambitious team who have built a good business, growing the client base, services and staff, revenues and EBITDA in a challenging market. We are delighted they see the transaction as a stepping stone to achieve their own goals, by being part of a larger, wealth management business, with shared values and the ability to offer clients a broader range of investment advice services.
Core to Concentrics’s investment approach is to focus on modern quantitative and qualitative analysis, with an emphasis on impact, ESG and sustainable development goals investing. These are values shared with TEAM and a basis for significantly expanding Concentric’s customer base by targeting the aspirations of the upcoming generation of investors in Jersey, the UK and internationally.”