JTC has stated its intent to buy UK-based Blackheath Capital Management, a boutique asset management company.
The transaction is anticipated to close in the first quarter of 2024, subject to a number of closing requirements and final regulatory approvals.
Established in 2010 to offer investment funds specialised management and regulatory oversight services, Blackheath has a solid reputation. It provides ManCo services in the capacity of an AIFM (Alternative Investment Fund Manager).
Moreover, Blackheath also allows hosted firms to offer advisory and arranging services to professional investors as an approved representative under the supervision of Blackheath.
The UK Financial Conduct Authority (FCA) has governed the company since 2011.
Blackheath is being purchased from its partners, Stephane Carty and Simon Monson.
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When completed, Blackheath will join the JTC Global AIFM Solutions business within the Institutional Client Services (ICS) Division, under the direction of Dean Blackburn.
By completing this acquisition, JTC will be able to offer ManCo services to funds with UK domiciles, strengthening and supplementing its current JTC Global AIFM Solutions operations in Ireland, Luxembourg, and Guernsey.
With the incorporation of a ManCo solution, JTC will be able to offer businesses wishing to launch, market, and manage UK alternative investment funds a full range of solutions in addition to its current UK fund administration, corporate, and depositary (INDOS Financial) offerings.
Nigel Le Quesne, CEO of JTC, said: “We are delighted to announce the acquisition of Blackheath, which will strengthen our existing Global AIFM Solutions business in the important UK alternative asset management market. The business has excellent alignment with our existing fund administration and depositary businesses in the UK and Europe. We welcome Stephane, Simon and all of Blackheath’s clients and partners to the JTC Group.”
Carty added: “Having formed the business in 2010 and developed a successful UK AIFM business, now is the right time to partner with a firm to support our future growth. We have known the team at JTC for several years and their strong record and expertise in AIFM, corporate governance and fund services will enable us to accelerate our growth, as well as benefit our clients through access to a wider range of expertise and complementary services.”