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October 7, 2021

JTC buys SALI Fund Services to accelerate US expansion

By Verdict Staff

Fund manager JTC has acquired US-based SALI Fund Services to further accelerate its footprint across the US. Financial terms of the deal have not been disclosed.

Established in 2002, SALI provides fund services to the Insurance Dedicated Fund (IDF) and Separately Managed Account (SMA) market.

The firm, which oversees $15.8bn in assets, also provides a solution that facilitates the creation and administration of IDFs.

IDFs allow alternative investment managers to offer institutions, family offices, and high-net-worth (HNW) individuals a tax efficient vehicle to invest the long-term capital allocated through life insurance policies into alternative assets.

The deal is in line with JTC’s strategy to strengthen its presence in the US. The firm has strengthened its footprint in the country through the acquisition of NES Financial last year and Segue Partners earlier this year.

The company stated that the latest deal would make the US its second-largest jurisdiction with over $35m in revenues.

Furthermore, SALI will help the fund manager to enter into the insurance market, where it expects  ‘significant incremental opportunities in the medium to long term’.

The deal will also offer additional service lines and expertise to JTC’s Private Client Services (PCS) to support existing clients.

JTC CEO Nigel Le Quesne said: “SALI is a business of exceptional quality and a clear leader in the growing IDF market. Their operations are highly complementary to our existing US footprint and their deep expertise will be a fantastic addition to our Group capabilities set.”

SALI CEO Thomas Nieman said: “SALI’s customers include many of the largest and most innovative insurance companies and alternative investment managers around the globe.

“We look forward to continuing to enhance our service offering for these clients through JTC’s global reach and commitment to customer service.”

Last month, JTC agreed to buy Dublin-headquartered boutique asset manager Ballybunion Capital to strengthen its fund services footprint in Ireland.

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