Team acquires IFA firm for £4m

Tuesday 14 December 2021

Wealth, asset management and complementary financial services group Team has acquired Jersey-based IFA Omega Financial Services Limited.

Omega specialises in retirement planning, mortgage advice, life assurance and bespoke investment advisory services.

The transaction, which is subject to approval by the Jersey Financial Services Commission, will involve £2m payable in cash, and a further deferred consideration of up to £2m in a mixture of cash and new shares in Team.

As of 30 September 2021, Omega was providing financial and investment advice to over 500 clients, with assets under advice of £77m.

“Omega has a first-class reputation amongst its clients, is a natural partner with TEAM Asset Management for investment management services, and is therefore an ideal entry point into the advice space in Jersey for Team plc,” Matthew Moore, COO and CFO of Team, commented. 

“We believe it is a good transaction for Team plc shareholders, staff and clients. and we are very much looking forward to working side by side with the Omega team and seeing the future benefits of our joint efforts.”

Pictured: Viberts' Partner Paul Wilson.

Viberts acted for the shareholders of Omega Financial Services Ltd in the sale of the company. Partner Paul Wilson led the transaction, assisted by Eleanor Colley and Irene Bloch.

“It was a real pleasure to work with Kevin Allenby, Richard Marshall and Simon Harman over recent weeks,” he said. “They are all so passionate about the business and I have no doubt that it will continue to go from strength to strength. 

Mr Allenby added: “We thoroughly enjoyed working with Paul and the team at Viberts. Their speed of response, attention to detail, knowledge and counsel throughout the process was second to none.”