Jersey-based wealth manager Team plc has acquired Lancashire wealth manager and stockbroker Hedley & Co for £3m.
The deal is subject to regulatory approval and completion and will be settled in cash and new Team shares.
Hedley & Co had £383m of assets under control, including £173m of funds under management, as at 31 August. For the year ended 31 August 2025, the firm reported audited revenues of around £2.1m, profit before tax of £600,000, and net assets of £770,000.
Team said the deal was part of its plan to build, "a broader and increasingly profitable wealth management business, bringing together financial advice, investment management and its wider capabilities."
It said the acquisition added “significantly” to its presence in the UK, particularly in the North West, “bringing experienced people, long-standing client relationships and further scale to the Group.”
Mark Clubb, executive chairman of TEAM, said: “This is an important acquisition for TEAM. Hedley & Co is a consistently profitable and extremely well-managed business, with a strong record of robust financial management, excellent client outcomes and well-established compliance processes and procedures.
“These are exactly the qualities we look for in businesses.”
Team acquired troubled Financial Planner and wealth manager WH Ireland for £12.7m in March.
Losses climbed slightly in the period, rising from £1.76m in 2025 to £1.84m this year. The period included the WH Ireland acquisition as well as the acquisition of Financial Planning business EPIC Fund Services Guernsey for £800,000 in March.
Team has also exchanged contracts to acquire eight institutional quality investment mandates from EPIC Markets (UK), the £157m AUM UK based investment management business, for £1m.