Team plc, the international wealth, asset management and financial services group, has confirmed a contract to buy eight institutional mandates from Epic Markets (UK) LLP (“EPIC Book”), representing some £157m of AUM.
Additionally, Team is acquiring Epic Funds Services Guernsey Limited, a Guernsey based financial planning business. The Epic Book deal will be settle, for a total consideration of £880,000 to be settled in new TEAM shares.
Settlement of the deal includes payment in the form of £1m of new Team shares for the Epic Book mandates, subject to regulatory approvals from the UK Financial Conduct Authority and the Central Bank of Ireland, and £0.8m in new Team shares for Epic Guernsey.
The Epic Book mandates include:
• Multi-Asset / Model Portfolio Services: c. £33 million AUM
• Multi-Asset Funds (including VT strategies): c. £29 million AUM
• Credit / Fixed Income / Specialist Mandates: c. £68 million AUM
• Equity strategies and other mandates: c. £27m AUM
In an RNS statement, Team said: “Following completion, the assets will be integrated into TEAM Asset Management, leveraging:
• Existing multi-asset models and allocation framework
• Established outsourced operational and custody infrastructure
• TEAM’s multi-jurisdictional regulatory platform, including Jersey, UAE, South Africa, Singapore,
Malaysia (Labuan), Ireland and the UK.
Mark Clubb, chairman of Team, commented: “The Epic Book and Epic Guernsey are very different businesses, but both are highly suited to joining the Team group. 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.”
