JTC, a provider of fund, corporate and private client services, has completed the purchase of GAM’s fund administration business in the Cayman Islands.

The acquisition, which was initially announced in October 2015, will expand the capabilities of JTC’s Cayman Islands office to offer a broad range of fund administration services.

JTC has received all regulatory approvals from the Cayman Islands Monetary Authority and will now be able to provide a full spectrum of fund administration services, adding to the private client services it already offers from the jurisdiction.

As part of the deal, 14 GAM staff in Cayman will move to JTC’s Institutional Client Services division, which caters for a full range of fund vehicles and offers services for asset managers in the US looking to establish offshore fund vehicles.

The new business will be headed by managing director Christine Godfray, who was formerly CEO of GAM’s fund services business known as Swiss & Global Fund Administration (Cayman)

Godfray will be responsible for working with colleagues in JTC’s offices across the world to attract fund administration and corporate services business to the Group and the Cayman Islands.

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JTC Group CEO & chairman Nigel Le Quesne said: "Our expansion in the Cayman Islands is a significant part of that, following other recent acquisitions in the same sector including our purchase of Kleinwort Benson’s fund administration business, as we focus on continuing to add real value to our clients now and in the longer term."

JTC Fund Services (Cayman) managing director Christine Godfray said: "JTC’s ability to now offer high quality fund administration services in the Cayman Islands, together with our boutique style of providing customized services to meet individual client needs means that the business is now extremely well placed in the jurisdiction."