Team PLC on Tuesday said it acquired Neba Financial Solutions Ltd and Neba Financial Solutions Private Ltd from the 100% shareholder, John Beverley.

The Jersey-based wealth and asset management firm said the acquisition is for a total consideration of £1.2 million, which is convertible into 3.3 million new shares in Team, it said.

Neba Financial Solutions is a Labuan, Malaysia-based regulated network of financial advisers operating in Asian, South and Central American, African and Middle Eastern markets, while Neba Financial Solutions Private promotes structured funds to independent FA’s in Dubai and Singapore.

‘The acquisition of Neba is in line with Team’s strategy to bolster the distribution of Team [asset management] funds and services to international and expatriate clients in high growth markets,’ the company said.

Team Chair Mark Club 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.’

Shares in Team were down 2.8% at 35.00 pence each in London on Tuesday morning.

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