JTC has acquired Kleinwort Benson’s fund administration business in the Channel Islands as well as South Africa for an undisclosed sum.
The deal relates to the whole of Kleinwort Benson’s fund administration business in Guernsey, Jersey and South Africa.
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It will give JTC its first permanent presence in South Africa and boost its headcount by 40% to a total of around 450 globally.
The deal is also expected to strengthen JTC’s alternative investment funds offering, including private equity, debt, as well as real estate classes.
Post acquisition, the new unit will become part of JTC’s Institutional Services division globally.
The South Africa staff will remain in their Cape Town offices. The combined business in Guernsey will operate from Dorey Court in St Peter Port, while the Jersey team will move to JTC’s offices in St Helier.
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By GlobalDataJTC Group CEO and chairman Nigel Le Quesne said: "This acquisition represents a significant step for JTC as we look to further strengthen our position as a leading provider of fund and corporate services worldwide. Whilst enhancing JTC’s existing presence in the Channel Islands, the deal also provides an exciting opportunity to offer a broader range of services from more jurisdictions, whilst maintaining our focus on client service delivery."
Kleinwort Benson CEO Martha Boeckenfeld added: "Moving our fund administration business to JTC, which is a global provider of fund and corporate administration services, leaves us free to focus on our core activities for the benefit of clients and the business going forward."
