Jersey-based wealth, asset management and financial services group TEAM has announced two acquisitions: Globaleye Wealth Management and financial planning business Thornton Associates. 

According to TEAM, these two acquisitions, the fifth and sixth since TEAM came to the market in 2021, will increase the firm’s total AUM to more than £850m.

TEAM Executive Chairman Mark Clubb (pictured) said: “The acquisitions of Globaleye and Thornton Associates are transformational for TEAM, opening up TEAM’s wealth management offering to high-growth markets around the world.

“Both have the potential to deliver material cross-selling opportunities as well as revenue and cost synergies.”

The deals

TEAM is acquiring Dubai-based Globaleye Wealth Management Group for £5.6m with newly issued TEAM shares. 

Founded in 1996 by Chairman Tim Searle, Globaleye is a boutique advisory firm specialising in wealth management, insurance broking and complementary financial services. The group has five offices across Asia and Africa and total client assets under advice of £242m. 

Thornton Associates has been acquired for £2.5m as part of TEAM’s strategy to have a presence in all of the Crown Dependencies – Thornton is its first step outside Jersey. 

Founded in 2000 by Managing Director Sharon Sutton, Thornton is the only chartered firm on the Isle of Man. It has assets under advice of £121m. 

The acquisition is subject to approval by the Isle of Man Financial Services Commission and is expected to complete this autumn.

Interim results

TEAM has also announced its results for the six months to 31 March, showing an uplift in revenues to £1.9m (2021: £999,000) and the successful integration of Omega and Concentric, which were acquired last year.

In addition, underlying loss before tax is down to £374,000 (2021: £382,000).

TEAM has also confirmed that £25m of client assets have transitioned to TEAM AM model portfolios, the firm’s discretionary fund management offering.

• For more information on TEAM’s interim results click here