TEAM (AIM:TEAM), the international wealth and asset management group, said assets under influence and management had risen to approximately £2.6 billion, up from £2.3 billion at 31 March, chairman Mark Clubb told the company's AGM.
The growth follows the group's acquisitions of WH Ireland and the EPIC businesses, with integration across the enlarged platform, including WH Ireland Wealth Management, remaining on schedule.
"Our objective is not simply to become a larger business, but to become a stronger, more scalable and higher-quality business with an increasing proportion of recurring revenues and operational leverage," Clubb said.
Within TEAM International, the group has recruited a net 19 new advisers since March, adding to its distribution capability across international markets.
The board also welcomed two new directors announced alongside June's interim results: John Beverley, chief executive of TEAM's International Division, as an executive director, and John Cusins, who brings experience across financial services, corporate governance and public markets, as a non-executive director.
The group reiterated its target of reaching consistent month-on-month cash profitability around the end of this calendar year or during the first quarter of next year, as integration benefits, revenue growth and operational efficiencies combine.
News Intelligence what this means for the company
TEAM has grown assets under management to £2.6bn from £2.3bn since end-March, driven by integration of WH Ireland and EPIC acquisitions now tracking on schedule. The company has added 19 net advisers to its International Division and appointed two new board members; management reaffirmed its target of reaching consistent month-on-month cash profitability by end-2026 or Q1 2027, contingent on completing integration and realizing operational efficiencies.
The £300m AUM increase (13% in six months) and on-track integration signal that the acquisition strategy is delivering near-term. However, the cash profitability target remains forward-looking and contingent on integration execution; the company has not yet demonstrated the operational leverage it is targeting.
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