Wealth and asset manager TEAM has acquired the share capital of Neba Wealth and Neba Financial Solutions Private Ltd (Neba Singapore) for the sum of £1.181m to be satisfied with the issue of a loan note which is convertible into new TEAM shares.
The newly created TEAM East division will comprise of Neba and all operations of the Globaleye Group which was acquired by the company earlier this year.
Globaleye and the Neba businesses will rebrand to Neba Private Clients operating under the TEAM East division.
John Beverley will join the company as managing director of TEAM East.
This comes as a source told International Adviser that chief executive of Globaleye Rupert Searle and chairman Tim Searle will no longer be part of the business.
In response to this Mark Clubb chairman at TEAM, commented: “John Beverley is now chief executive and we are actively looking for high quality recruitments. We are confident in securing further senior hires.”
He added: “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 as a whole.”
Beverley said: “Over the past eight years, I have built Neba Wealth and Neba Singapore into two attractive and bespoke businesses in the international financial advisory market. Moving these two businesses into TEAM East was not only the natural next step, but a unique opportunity to partner with a reputable quoted company as it embarks on the next stage of its global strategy.”
