JTC has completed its previously announced acquisition of UK-based alternative fund specialist INDOS Financial.
The deal closed following the receipt of regulatory approval from the Financial Conduct Authority (FCA).
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In February, JTC signed the deal to acquire INDOS Financial to bolster its fund services capabilities.
The deal was said to be valued at around £12.5m including an initial consideration of £11m. The remaining £1.5m will depend on the accomplishment of certain performance targets.
The acquisition will enable JTC to offer enhanced governance and technical expertise to clients leveraging INDOS’ expertise in providing independent fund oversight services.
As earlier agreed, INDOS Financial will become a JTC Group company. All its employees including the senior management will start working under JTC’s Institutional Client Services (ICS) Division.
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By GlobalDataThe acquired firm will also retain its brand name.
JTC CEO Nigel Le Quesne said: “We are delighted to officially welcome our new INDOS Financial colleagues to JTC today. INDOS is an important strategic addition to JTC underpinned by a mix of deep expertise, commitment to service excellence and a proven ability to innovate and grow the business.
“We are looking forward to realising the benefits that this acquisition will bring to our clients in the near future and to providing INDOS clients with an even richer suite of global services and the full backing of the JTC Group.”
