GAM Holding has agreed to sell its fund administration business in the Cayman Islands to JTC Group, a provider of fund, corporate and private client services.
As part of the deal, 14 GAM staff in Cayman will move to JTC. The transaction, which is subject to regulatory approvals, is scheduled to complete in late 2015.
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Following approval from the local regulator, all business activities will transfer to JTC.
GAM said the sale of its Cayman business reflects its intention to focus on its role as general contractor for private label solutions and the provision of management company services for funds domiciled in Europe.
GAM’s fund administration business was operating as part of the firm’s Private Labelling business, which has been providing fund and outsourcing solutions to third parties since 1992 out of Switzerland.
Commenting on the acquisition, JTC Group CEO and Chairman Nigel Le Quesne said: "Following other recent acquisitions in the fund administration space, including our purchase of Kleinwort Benson’s fund administration business, this latest deal further strengthens and deepens our offering to institutional clients."
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By GlobalDataGAM region head Continental Europe Martin Jufer said: "This disposal reflects the company’s intention to focus on its role as general contractor for private label solutions and the provision of management company services for funds domiciled in Europe.
"In conducting the sale process, we wanted to ensure the highest possible continuity for clients and after carefully evaluating a range of potential buyers, we are delighted to have completed the sale process with JTC, a company that we believe will provide an excellent home for this successful business."
JTC with $60bn of assets under administration employs over 450 staff operating from 18 jurisdictions across the globe.
