Team plc acquires investment mandates and financial planning firm

Wealth and asset management firm Team plc has acquired eight investment mandates and a financial planning business from Epic Investment Partners.

Team has exchanged contracts to acquire the mandates from UK-based Epic Markets for a total consideration of £1m, to be settled in new Team shares.

The ‘Epic Book’ consists of eight institutional-quality investment mandates comprising: multi-asset/model portfolio services (MPS) of around £33m assets under management (AUM); multi-asset funds of approximately £29m AUM; credit/fixed income/specialist mandates of around £68m AUM; and equity strategies and other mandates of approximately £27m AUM.

In total, the investment mandates represent AUM of approximately £157m.

Completion is subject to regulatory approvals from the Financial Conduct Authority (FCA) and Central Bank of Ireland.

Following completion, the assets will be integrated into Team Asset Management.

Team also agreed to acquire Epic Guernsey, a financial planning business, from Epic Administration for a total consideration of £880,000 payable in new Team shares.

The firm said the acquisition would enable it to move from advisory into execution, improving revenue durability and client delivery.

Furthermore, with Team being headquartered in Jersey, the acquisition of a Guernsey-based business would establish a fiduciary license and operating platform in the new jurisdiction.

The deals follow Team’s acquisition of UK-based advisory firm WH Ireland, which completed last week.

"The Epic Book and Epic Guernsey are very different businesses, but both are highly suited to joining the Team group,” commented Team chair, Mark Clubb.

“With the Epic Book, we are acquiring £157m of high-quality AUM for £1m in Team shares. We believe this represents excellent value for our shareholders. Furthermore, the assets are already aligned with our multi-asset approach and will integrate directly into our platform.

“Governance and fiduciary services are a critical part of our value chain. By acquiring Epic Guernsey, we are taking control of this area for ourselves, alongside developing the existing platform and marketing their services to our wider client network.

“We know the business well and we are confident of building on the current recurring revenue base, and making this into a strong profit centre, alongside giving us additional opportunities for new client origination and retention.

“These two acquisitions are part of the overall expansion of the group and follow on from our successful acquisition of WH Ireland which completed last week."

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