London-listed TIME plc has not only agreed to acquire Globali, but also to acquire an Isle of Man-based company, underscoring its hectic M&A activity.
TEAM plc, a London-listed wealth, wealth management and financial services group, is a Dubai-based global firm advising clients on £242m ($300m) of client assets. • Acquired all of the equity capital of Wealth Management, aka Globali.
The deal includes a total consideration of up to £5.6 million. TEAM said in a statement that the acquisition is expected to improve profitability in its first year of ownership.
In a separate transaction also announced yesterday, TEAM will conditionally acquire the entire issued share capital of Thornton Associates Limited, trading as Thornton Chartered Financial Planners for up to £2.5m. announced that it had agreed to Thornton is an Isle of Man based financial planning business with £121 million in assets under advice and around 180 client groups.
Upon completion of both transactions, TEAM’s wealth management and advice will exceed £850m. The deal marks TEAM’s fifth and sixth acquisition in the past three years and highlights a busy M&A trend in Europe’s HNWIs and related sectors.
Globaleye was founded by Chairman Tim Searle and specializes in wealth management, insurance brokerage and complementary financial services. We advise high net worth, high net worth and ultra high net worth individuals, trustees, corporations and business owners. The company has 68 employees and is headquartered in Dubai, with offices in Abu Dhabi, Singapore, Durban (South Africa) and Kuala Lumpur (Malaysia). In the UAE it is regulated by the Central Bank and Securities and Commodities Authority, and in other countries by relevant local regulators.
In a recent move, Globaleye launched an in-house investment service and digital wealth platform in the UAE.
“The acquisition of Globaleye and Thornton brings TEAM to nearly £1 billion in management and advice in our target markets and expands our global footprint to seven countries. We believe TEAM is tapping a valuable segment of the affluent market that resides outside of our hometown tax jurisdiction and needs specialized financial advice that was previously not easily accessible. We are filling that space and believe there is a lot of room to expand further,” said TEAM CFO and COO Matthew Moore.
Searle added: “There is a compelling strategic rationale for the partnership, and both companies are a strong cultural fit, with both entrepreneurial and performance-driven cultures. Benefit from multi-asset portfolio management, bespoke portfolios, cash and financial management services.”