Fund services provider JTC has received a mandate to offer fund administration and registrar services to wealth manager Brooks Macdonald International.
The move comes shortly after Brooks Macdonald’s announcement to buy the Channel Islands funds and wealth management business of Lloyds Bank International.
Through its teams in the UK, Jersey, as well as South Africa, JTC will service this acquired business.
JTC group head of Institutional Client Services Jon Jennings said: “This is a hugely significant piece of business for us, reflecting our stature in the fund administration arena, our multijurisdictional strength and our specialist expertise in open ended funds and registrar services as well as transfer agency and compliance services.
The Lloyds deal will bring £1bn in FuM to Brooks Macdonald.
Brooks Macdonald International deputy CEO Richard Hughes said: “Despite the COVID-19 lockdown environment JTC was able to mobilise a senior team to analyse the complex mandate and put forward a compelling pitch in a very short timeframe.
“Ultimately our selection came down to JTC’s track record in fund administration, use of best of breed technology, quality team and depth of resources.”
Meanwhile, JTC wrapped up the acquisition of the private client business of Sanne.
The deal was announced in March this year. JTC has retained the employees and clients of the acquired entity.