Background on TEAM
TEAM listed on the London Stock Exchange earlier this year, raising just short of £8 million and then completing the £3 million purchase of local cash management firm JCAP, 2021 has been an exciting year forJersey based wealth and investment managers TEAM plc.
The company has been backed by a mixture of Institutional Investors such as Schroders Asset Management (9.58%) and Canaccord (7.9%), together with numerous experienced private individuals or their entities.
Ahead of the listing, Mark Clubb, Executive Chairman, was joined by Matthew Moore, as chief financial and operating officer. Moore has extensive experience and success within the industry including the advisory segment having fulfilled similar senior roles at Close Brothers and more latterly, Ascot Lloyd.
Mark Clubb Thoughts on Expanding into Guernsey
With TEAM looking to make further acquisitions to expand its growth, Mr Clubb outlined his vision of it becoming respected internationally and spread across several jurisdictions.
“The near-term ambition of TEAM plc is to grow in Jersey in terms of substance. We would hope to grow our assets under management through £1 billion in the next few years through both organic growth and acquisition,” he said.
“At a TEAM plc level, we will look at other acquisition opportunities in other jurisdictions, not just the international finance centres, but possibly onshore. However, I would dearly like to have a Guernsey located and based business.”
Regarding Guernsey, Clubb referenced the PWC Report, “Asset & Wealth Management Revolution: Putting the Channel Islands centre stage”. This identifies the opportunities ahead for those businesses best prepared for change. They must become business revolutionaries, even disruptors, if they are to prosper, recognising a new world where the buyer is in charge, making intelligent use of digital technology, and adapting their products and strategies to reflect a reinvented industry.
PWC forecast a huge rise in investable assets worldwide, reaching US$145.4trn by 2025.
Both islands have well-deserved reputations as quality jurisdictions with robust but fair regulation. This will serve us well in the coming years of change.
But both islands need agile and organizations or businesses with a strategy that’s relevant for the future. TEAM believe their approach to investment and deployment of contemporary technology aligns with this. TEAM believe in a relentless focus on technology and talent will separate the “winners and losers.” Clubb, “We need to invest in people and we need to be an employer that is attractive to new and different talent going forward. Having a base or business in Guernsey would extend the accessible talent pool.”
“Whilst I understand the inter-island sporting rivalry, when it comes to business, I see the islands offering tremendous partnership benefits.”
TEAM already have some Guernsey based clients, mainly through the Intermediary Fiduciary sector. “Many of our Trust Company clients have an office in Guernsey, as is the case with a number of Fiduciary companies.”
Clubb also believes that the Covid restrictions have reminded us that personal contact is important. He believes there are only so many Video Conference calls you can do effectively, particularly for new clients. “You want to meet face to face the people who are going to manage your money. It’s a massive decision.”
He cites this as another reason for his ambition of having a Guernsey based business.
“At TEAM we are a bit different in our investment approach. We believe there is plenty of space for us within competing approaches and services. We have plenty of desks and financial capital or backing for like-minded talented people, wherever they may be located. WE want to back and grow people. I am confident that applies to Guernsey.”