A Jersey-based wealth management company has signed a deal to take over a Guernsey-based firm as well as a further eight investment mandates, which manage more than £150m of assets in total.
TEAM Plc has agreed to acquire EPIC Funds Services (Guernsey) as well as eight investment mandates from EPIC Markets (UK) LLP’s EPIC Book.
The deal is worth more than £1.8m in TEAM Plc shares, in a share-only deal based on the firm’s 60-day volume‑weighted average price (VWAP).
Mark Clubb, Chairman of TEAM, said the deal represented “excellent value for our shareholders”.
He said the assets were “already aligned with [the firm’s] multi-asset approach and will integrate directly into our platform”.
Expansion
Mr Clubb added: “Governance and fiduciary services are a critical part of our value chain, so by acquiring EPIC Guernsey we are taking control of this area for ourselves.
“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.”
Epic (Guernsey) is a well-established fund administration and fiduciary services business, regulated by the Guernsey Financial Services Commission (GFSC), a spokesperson for TEAM said.
Mr Clubb said the two acquisitions were “part of the overall expansion of the Group and follow on from our successful acquisition of WH Ireland which completed last week”.