JTC has agreed to buy Dublin-headquartered boutique asset manager Ballybunion Capital to strengthen its fund services footprint in Ireland.
Financial terms of the deal were not disclosed. However, the initial consideration will be paid in cash and JTC equity. A further deferred consideration will be paid on achieving certain performance targets in the current year.
Ballybunion was founded in 2009 and it provides management and regulatory oversight services to investment funds. It is regulated by the Central Bank of Ireland (CBI).
As an Alternative Investment Fund Manager (AIFM), the firm also offers Management Company (ManCo) services.
In addition, it specialises in governance oversight, portfolio management and risk management solutions.
Ballybunion’s funds service offering covers both alternative and traditional asset classes. These include loans, private equity, fixed income, real estate, ESG and life settlements.
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In the financial year ending 30 June 2020, the asset manager reported total revenue of €1.8m, up 26% from previous year.
The acquisition is expected to close by year-end, subject to change control and final regulatory approval.
Once complete, Ballybunion will become part of JTC’s Institutional Client Services (ICS) division and its Irish funds business.
The deal will enable JTC Ireland to offer ManCo, fund administration and Depositary services to both Irish as well as global funds.
Commenting on the deal, JTC CEO Nigel Quesne said: “Following our successful fund raise earlier this year, we are delighted to announce the acquisition of Ballybunion, which is a sophisticated and high quality ManCo in the strategically important Irish fund services market.
“The business has excellent alignment with our existing fund services business in Europe, as well as our expanding US practice.”
Ballybunion founder and managing director Patrick O’Sullivan added: “In JTC we have found a combination of strong cultural alignment and an incredibly well-built global platform that will allow us to significantly accelerate our growth, as well as adding more value for our existing clients.”
Under the terms of the agreement, Ballybunion executive management, led by Orla Philippon and Claire Flynn, along with their entire team of employees will join JTC.
O’Sullivan will also remain with JTC. He will focus on the development of the firm’s Irish funds business internationally, especially in North America.
Last week, JTC has acquired fund services business Segue Partners, expanding its fund services presence in the US.