JTC has significantly enhanced its global fund servicing capabilities with the major acquisition of Kleinwort Benson’s Fund Administration business in the Channel Islands and South Africa.
The transaction, which relates to the whole of Kleinwort Benson’s Fund Administration business in Guernsey, Jersey and South Africa, will give JTC its first permanent presence in South Africa, grow its global headcount by 40% to a total of around 450, and augments its existing strengths across the alternative investment fund spectrum, including the private equity, debt and real estate asset classes.
Upon completion of the deal, the new business will form part of JTC’s Institutional Services division globally. Staff in South Africa will remain in their offices in Cape Town, whilst in Guernsey the combined business will operate from Dorey Court in St Peter Port, and the Jersey team will move to JTC’s offices in St Helier. The deal is subject to regulatory approval and customary closing conditions and is expected to complete by the end of the third quarter of 2015.
Commenting on the acquisition, Nigel Le Quesne, JTC Group CEO and Chairman, said:
“This acquisition represents a significant step for JTC as we look to further strengthen our position as a leading provider of fund and corporate services worldwide. Whilst enhancing JTC’s existing presence in the Channel Islands, the deal also provides an exciting opportunity to offer a broader range of services from more jurisdictions, whilst maintaining our focus on client service delivery.
“With its strength across the alternative asset classes, particularly real estate, private equity and debt funds, Kleinwort Benson’s fund administration business is a good fit for JTC. We are now focused on ensuring a seamless transition and integration into our business for clients and look forward drawing on the knowledge and expertise of our new colleagues as part of the JTC team.”
Martha Boeckenfeld, CEO, Kleinwort Benson, added:
“As a leading merchant bank, Kleinwort Benson provides private banking and wealth management services to private clients, families, business owners and entrepreneurs throughout the UK and globally. Moving our fund administration business to JTC, which is a global provider of fund and corporate administration services, leaves us free to focus on our core activities for the benefit of clients and the business going forward. JTC enjoys an excellent reputation for client service, is renowned for being a good employer and the move further illustrates our commitment to both our clients and staff.”