Investment provider TEAM has acquired Financial Planning firm Concentric Group and IFA Omega Financial Services, both based in Jersey.

The deals completed within the past week following approval from the Jersey Financial Services Commission.

Concentric is a Financial Planning and investment consultancy business specialising in high-net worth individuals and institutional investors in Jersey and internationally.

TEAM’s acquisition of Concentric was first announced in May and completed this morning.

Concentric provides investment advice to more than 430 HNW and institutional investors and has assets under advice of £231m.

TEAM paid an initial sum of £1.7m in cash and will pay a further deferred sum of up to £0.8m in new shares in TEAM.

Omega is an IFA specialising in retirement planning, mortgage advice, life assurance and bespoke investment advisory services.

TEAM’s acquisition of Omega was first announced in December and completed on 1 August.

Gordon Bennie, managing director of Concentric, said: “We had already started working together but we now can truly market ourselves as an integrated business with, I believe, as a result of acquisition, one of the best private client advisory teams in Jersey.”

The deals have expanded TEAM’s assets under management and advice to rise to approximately £550 million, with approximately £1.4 billion of cash under advice.

Mark Clubb, chairman of TEAM, said: “This has been a good week for TEAM. We have waiting for the approvals to come through and like buses they come together. We are delighted to move forward with two strong Jersey-based consultancies both of which significantly enhance the range and quality of services we offer our valued private clients.”

The acquisitions are TEAM’s third and fourth since inception in January 2020 when TEAM rebranded from Theta.

Other acquisitions include JCAP, a Jersey-based, cash management services company.