Team Asset Management buys in Jersey

AIM-listed wealth manager consolidator Team Asset Management has acquired Jersey-based financial planning and investment consultancy business Concentric, growing the business to £550mn assets under management.

Cocentric’s shareholders have chosen to take c. 32% of the deal value in Team shares, alongside an initial cash payment of £1.7mn.

The Concentric deal is Team’s fourth since it launched in January 2020 and forms part of its ambition to be a consolidator in the ‘highly fragmented wealth and asset management market’.

Last year Citywire reported that the business – which is focusing on the UK, crown dependencies including Jersey, and international markets – launched a failed hostile takeover of Tavistock.

Ex-Ascot Lloyd CFO Matthew Moore is leading Tem’s acquisition growth. Commenting on the deal he said: ‘Core to Concentric’s investment approach is a 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.’