TEAM plc (LON:TEAM), a dynamic player in wealth and asset management is pleased to announce that it has acquired the entire issued share capital of (“Neba Wealth”) and Neba Financial Solutions Private Ltd (“Neba Singapore”) for a total initial consideration of £1.181 million to be satisfied by the issue by the Company of a loan note which is convertible into new TEAM shares.
This acquisition marks a pivotal expansion of TEAM plc’s international reach and marks a new the entrance of a new platform in global wealth management.
Highlights
- A newly created division, called TEAM East, will comprise of Neba and all the operations of Globaleye Group which was acquired by the Company in June 2023, creating a significant base to build a financial services business in developing markets.
- An intention to recruit high calibre financial advisers to TEAM East, driving growth in AUA and inflows into TEAM Asset Management funds and models (TEAM AM).
Creating a New Platform in Global Wealth Management
Executive Chairman Mark Clubb joins DirectorsTalk Interviews to discuss the acquisition of Neba Wealth Management.
Mark talks us through the strategic rationale behind the acquisition, combining Neba with Globaleye under Team East, bringing John Beverley to the company and how quickly Mark expects to expand TEAM East.
The Birth of Neba Private Clients under TEAM East
As part of this strategic growth, Globaleye and the Neba businesses are to be rebranded as Neba Private Clients, operating under the TEAM East division. This rebranding represents our commitment to providing bespoke private client services at a global level.
Empowering Financial Advisors Globally
- The acquisition is a significant milestone in enhancing the global proposition for financial advisors. Neba Private Clients and TEAM will offer a powerful platform for financial advisors worldwide, providing unparalleled resources, support, and opportunities for growth.
- Top tier international financial advisors are expected to join Neba Private Clients and the Neba Network brand, where innovation meets tradition in wealth management, enabling an opportunity to be a part of a visionary network that values their expertise and supports personal growth.
Strategic Vision and Integration
- John Beverley, the driving force behind Neba, joins TEAM as the Managing Director of TEAM East. John’s leadership will be instrumental in synergising the strengths of Neba with Globaleye, redefining the future of international wealth management.
- Globaleye’s previous two senior managers have left the business and the Company is grateful for their leadership and smooth handover to John Beverley. The integration of Neba and Globaleye is well underway and marks the start of a new beginning for both businesses.
A Gateway to Enhanced Opportunities:
- The merger of Neba and Globaleye under the Neba Private Clients banner is designed to bolster TEAM’s strategic presence in key markets across Asia, East Africa, South America, and the Middle East.
- Our focus is clear – to support the best financial advisors globally and provide them with an ecosystem that fosters growth, innovation, and client-centric services.
Mark Club, Chairman of TEAM, commented: “John Beverley is a successful entrepreneur who has a disciplined approach with deep knowledge and extensive experience of overseas financial services markets. Under John, TEAM East will build a high-quality advisory service. I am confident that our reputation will continue to grow which, in turn, will support John as he spearheads our next phase
through the recruitment of high calibre individuals to expand our client base. John will become a meaningful shareholder following conversion of his loan note aligning him with all shareholders. This is undoubtedly an exciting next step for TEAM as a whole.”
John Beverley, Founder and Managing Director of Neba, said: “I am delighted to be joining and directing TEAM East. Over the past eight years, I have built Neba Wealth and Neba Singapore into two attractive and bespoke businesses in the international financial advisory market. Moving these two businesses into TEAM East was not only the natural next step, but a unique opportunity to partner with
a reputable quoted company as it embarks on the next stage of its global strategy.”
