Events Investment Insights

Jersey's TEAM aims for acquisitions in Europe, Caymans, Bermuda as AuM/A grow to £1bn

  • Mar 28, 2024
  • Team

Jersey-based TEAM said today (28 March) its "aim is to be in a great many more places and jurisdictions, including Europe (MiFid II) and further afield in markets such as the Cayman Islands and Bermuda".

The AIM-listed wealth, asset management and financial services group revealed the plans to expand its international footprint in its final results for the year to 30 September 2023, while reporting a 51% rise in assets under management and advice from £551m to £833m, and as at 28 February 2024, £1bn.

TEAM already has hubs in Singapore, Kuala Lumpur, Abu Dhabi, Dubai, Durban, and Nairobi in addition to Jersey with a further presence in Guernsey "soon to be established, headed by new senior recruit, Mark Chipperfield".

TEAM International was "extremely well-managed by John Beverly who very successfully founded the recent acquisition, Neba" with ambitions to "aggressively growing adviser numbers in these territories". Mark Clubb (pictured), executive chairman said: "This has been another active period for TEAM. We are picking up the pace and the shape of the business is emerging with Jersey as the central fund management engine operating out of a highly regulated jurisdiction with a strong international reputation for fiduciary responsibility.

"Alongside this, our Jersey financial planning advisory hub is combining well and is positioned to deliver dependable organic growth going forward. The recent acquisitions of Globaleye and Neba have been combined into the International Division creating a new platform, branded as Neba Private Clients, aimed at supporting expatriates of all nationalities, who have very specific wealth management and advice needs which we specialise in solving.

"The current financial year has started well with AUM/A now up to £1.0 billion.”

TEAM highlighted the following figures:

  • Group revenues increased by 151% from £2.1m to £5.3m
  • £1.9m cash in bank as at 30 September 2023
  • Acquired Globaleye in June 2023 and Neba Wealth in December 2023
  • Increased headcount from 33 to 87
  • Completed successful £1.1m fundraising in March 2024
  • Assets under management/advice, as at 28 February 2024, £1.0bn

"This has been a year of significant progress during which we have added two further international businesses and consolidated our presence in Jersey. Following which we have re-organised the Company into three divisions: Investment Management (AUM - £289m); Advisory (AUA - £365m); and International (AUA - £180m)."

When TEAM Plc listed on the AIM market in 2021, revenues were £713,000 (June 2022) and assets under management were £291m. As at end September 2023, reported revenues were £5.3m and assets under management and advice of £838m.

Since April last year, towards £100m has come into the Model Portfolio Service, it said. Jersey is also the base for its cash and asset management capabilities, including its MPS range, available on international platforms and core to its value proposition.

The statement further said; "Overall our objectives remain focused on being a scalable wealth manager, with both a central fund management engine, which can handle multiples of current client assets at limited incremental cost, and a significant intake funnel of incentivised advisers in high growth markets.

"These advisors are forming a new international network and targeting expatriates who respond to the cachet of Jersey, then recognise the quality of the advice, focused on solving expats’ wealth problems, and value the centralised investment excellence, transparency and client service. We look forward to the next chapter in the development of TEAM."

TEAM Asset Management is a trading name of Theta Enhanced Asset Management Limited which is regulated by the Jersey Financial Services Commission.