Team Plc has bought a financial planning firm based on the Isle of Man.
The wealth and asset management firm has bought Thornton Chartered Financial Planning for £2.5mn, the firm said in a statement today (June 1).
Team said the firm was a natural fit with the firm’s assets in Jersey and is expected to turn a profit in the first year of its acquisition as well as adding £121mn in assets under advice and 180 "client groups".
The deal is the fifth transaction by Team since its inception in January 2020 and it is expected to complete in autumn this year.
In 2021 Team attempted to buy Tavistock Investments but this was shunned by Tavistock's management.
Thornton was founded in 2000 by managing director and former PFS president Sharon Sutton and generated £750,000 in unaudited revenue in the year to March 31.
Matthew Moore, chief financial officer of Team, said Thornton has been at the “forefront” of financial planning in the Isle of Man.
“Becoming part of Team is a natural fit and will, we believe, facilitate the next stage of growth for Thornton which will benefit from being part of a larger group, offering a wider range of services whilst maintaining the same customer centric ethos.
“The acquisition is a natural extension into the Isle of Man from our base in Jersey and matches our strategy to build a new wealth, asset management and complementary financial services group with a focus on the UK, crown dependencies and international finance centres."
Team has also bought Dubai-based Globaleye, the parent company of Globaleye Wealth Management, an international wealth management business with assets under advice of £242mn.
The deal, worth £5.6mn, adds 68 employees to the wider group and encompasses Globaleye’s offices in Abu Dhabi, Singapore, Durban and Kuala Lumpur.
Globaleye focuses on the international expatriate community and the majority of its clients are managed by third party discretionary fund managers.
The two deals will take Team’s assets under management and advice to £850mn.
Mark Clubb, executive chairman of Team, said: “In May of last year, we stated our ambition to grow internationally within the other Crown Dependencies as well as further afield including in the Middle East and Asia.
“Our multi-asset strategies have delivered robust returns in challenging markets and this acquisition represents a major opportunity to transition Globaleye clients from third-party managers to the Team asset management model portfolios and bespoke portfolio services.”
sally.hickey@ft.com
