Team makes loss despite 94% AUMA growth

Contributions from three acquisitions masked a difficult year for the asset and wealth manager


Team made an operating loss of £1.6m in the 12 months to 30 September 2022, but CEO Mark Clubb said “the path to break even was clear”.

The Jersey-based wealth and asset management business made headway in increasing its overall revenues and assets under management and advice (AUMA) across the year, with the former growing 44% to £2.1m.

Contributions made by the first full year’s consolidation of JCAP, as well as two months of contributions from Omega and Concentric, had the largest impact, and they now form the advice and consultancy area of the business.

In all, AUMA shot up by 94% to £575m, of which £326m was contributed by the acquired parties.

Consequently, net assets grew by 15% across the year, to £8.6m.

However, owing to lower market values and net outflows, Team’s investment and fund management revenues actually decreased across the 12 months, from £1.3m to £1m.

In addition, total investment management AUM fell by 25% to £151m, weighed down by £75m of outflows and the £18m shaved off by market performance.

During the financial year, the firm’s headcount increased from 16 to 33, all but one of which are based in Jersey.

Clubb reaffirmed the firm’s ambition to become a leading wealth and asset management business and said the results reflected good progress.

Though the firm made an adjusted Ebitda loss of £0.8m, as it did in FY2021, Clubb said additional fee revenue would not require significant increases in costs.

He added: “In May, we raised a further £2.7m to fund acquisitions and working capital. We have completed the acquisitions of Omega and Concentric, both of which have bedded down well, and our annualised revenues are now up to £3.7m. We have established a good base in Jersey and have an excellent pipeline of opportunities ahead of us as we enter 2023. We look forward to further developing our business in the coming year.”



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