Team PLC snaps up £157m AUM mandates and a Guernsey platform – here’s what you need to know
Team PLC has announced a double deal: the acquisition of eight institutional-quality investment mandates with approximately £157 million of assets under management (AUM) for £1.0 million in new shares, and the purchase of EPIC Funds Services (Guernsey) Limited for £880,000 in new shares. Both acquisitions are subject to regulatory approvals.
It’s a neat one-two. The mandates strengthen Team’s core asset management engine, while the Guernsey platform adds governance, fiduciary and fund administration capabilities – a step deeper into execution and recurring revenues. Management says the Guernsey deal is expected to be earnings accretive when integrated.
What exactly is being bought – and for how much?
Eight investment mandates from EPIC Markets (UK) LLP
Team is acquiring eight mandates from EPIC Markets (UK) LLP for a total of £1.0 million, to be paid in new Team shares priced off the 60-day volume-weighted average price (VWAP). Completion requires approvals from the UK Financial Conduct Authority and the Central Bank of Ireland.
- Multi-Asset / Model Portfolio Services: c. £33 million AUM
- Multi-Asset Funds (including VT strategies): c. £29 million AUM
- Credit / Fixed Income / Specialist mandates: c. £68 million AUM
- Equity strategies and other mandates: c. £27 million AUM
In total, that’s around £157 million of AUM moving over to Team Asset Management, to be slotted into existing multi-asset models and supported by Team’s outsourced operational and custody infrastructure across multiple jurisdictions (Jersey, UAE, South Africa, Singapore, Malaysia (Labuan), Ireland and the UK).
EPIC Funds Services (Guernsey) Limited
Team is buying EPIC Guernsey, a fund administration and fiduciary services business regulated by the Guernsey Financial Services Commission (GFSC), for £880,000 in new Team shares (again priced off the 60-day VWAP). Completion requires GFSC approval.
For the 11 months to 28 February 2026, EPIC Guernsey reported unaudited turnover of approximately £1.3 million, EBITDA of £0.1 million, and net assets of £0.81 million.
Quick explainer: AUM, VWAP and why shares not cash
- AUM: Assets under management – the client money managed on a discretionary or advisory basis. More AUM typically means more recurring fees.
- VWAP: Volume-weighted average price over a set period. Using a 60-day VWAP to price new shares helps avoid one-day price noise.
- Shares not cash: Paying in shares preserves cash but dilutes existing holders. The number of new shares to be issued is not disclosed.
Valuation lens: value-for-money or value-trap?
- Mandates: £1.0 million for c. £157 million of AUM looks punchy value at roughly 0.64% of AUM. The assets are described as “institutional quality” and aligned to Team’s multi-asset approach, which should help integration and scalability.
- Guernsey platform: £880,000 consideration versus net assets of £0.81 million implies roughly 1.1x book value. Using the 11-month EBITDA of £0.1 million, that’s about 8.8x on that period’s EBITDA. Management expects the platform to be earnings accretive when integrated.
Neither deal involves cash upfront, which is tidy for liquidity management. The flip side is dilution – the exact quantum will depend on the 60-day VWAP and is not disclosed.
Strategic fit: why these deals matter for Team
Mandates add scale where Team already plays
The mandates are mostly multi-asset, fund-based and discretionary – squarely in Team’s wheelhouse. That means less reinvention, more lift-and-shift into existing models and processes. It’s a diversified asset base across multi-asset, fixed income, equities and specialist strategies, which should help revenue durability.
Guernsey enhances governance and recurring revenues
EPIC Guernsey plugs a gap in Team’s value chain: governance, fiduciary and fund administration. This moves the Group further from pure advisory into execution, which typically improves revenue visibility. It also creates a strategic origination channel for Team Asset Management and deepens client relationships across jurisdictions.
Momentum from recent WH Ireland deal
Management flags that these acquisitions follow the completion of WH Ireland last week. It signals continued expansion and integration of complementary capabilities across the Group.
Deal mechanics, conditions and timing
- Consideration: Both acquisitions are to be settled in new Team shares, priced off the 60-day VWAP. Number of shares to be issued – not disclosed.
- Approvals: Mandates require FCA (UK) and Central Bank of Ireland approvals; EPIC Guernsey requires GFSC approval.
- Completion: Subject to satisfaction or waiver of the above. No specific completion date disclosed.
Key numbers at a glance
| Item | Figure |
|---|---|
| Mandates AUM (total) | c. £157 million |
| Mandates consideration | £1,000,000 in new shares (60-day VWAP) |
| EPIC Guernsey consideration | £880,000 in new shares (60-day VWAP) |
| EPIC Guernsey turnover (11 months to 28 Feb 2026) | c. £1.3 million |
| EPIC Guernsey EBITDA (11 months) | £0.1 million |
| EPIC Guernsey net assets (28 Feb 2026) | £0.81 million |
| Regulatory approvals | FCA, Central Bank of Ireland, GFSC |
Upside, risks and what to watch next
Potential positives
- Attractive entry price for mandates relative to AUM, with assets aligned to Team’s multi-asset framework.
- Guernsey adds a regulated fiduciary platform and new recurring revenue stream; management expects it to be earnings accretive when integrated.
- Group-wide platform effect: more touchpoints for client origination, retention and cross-sell across multiple jurisdictions.
Key risks and sensitivities
- Completion risk: deals hinge on FCA, Central Bank of Ireland and GFSC approvals.
- Integration and client transition: mandates must bed in smoothly under Team Asset Management’s models and operations.
- Dilution: consideration is all in shares. Exact dilution not disclosed and will depend on the 60-day VWAP at completion.
My take: a capital-light scale-up with sensible logic
This is a straightforward, capital-light scale move. Paying c. 0.64% of AUM for aligned, institutional-grade mandates is compelling on paper, especially when you already have the models, operations and custody rails to support them. The Guernsey platform plugs a strategically important gap in governance and fiduciary services, with the added benefit of recurring revenues and origination potential.
The caution flags are the usual ones – regulatory approvals, integration, and dilution – and the announcement doesn’t disclose completion timing or the number of new shares. But strategically, the pieces fit. If Team executes cleanly and keeps client assets sticky, this duo should lift revenue resilience and operational leverage across the Group.
