JTC has acquired Kleinwort Benson’s fund administration business in the Channel Islands and South Africa, in a bid to enhance its global fund servicing offering.
The acquisition means that JTC will have a permanent presence in South Africa for the first time, and builds on the firm’s strength in the alternative investment sector. The Kleinwort Benson business will join JTC’s Institutional Services division.
Nigel Le Quesne, Group CEO and Chairman of JTC, said: “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.”
CEO of Kleinwort Benson Martha Boeckenfeld added: “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.”
The deal is subject to regulatory approval and closing condition, and is expected to be complete by the end of Q3 2015.
