JTC Group has expanded its operations in the Cayman Islands through the acquisition of GAM's fund administration business.
The deal, which remains subject to regulatory approvals, will see all 14 GAM staff in Cayman transfer to JTC. Completion of the transaction is expected later this year. The financial terms were not disclosed.
Commenting on the acquisition, JTC CEO and chairman Nigel Le Quesne said: “Following other recent acquisitions in the fund administration space, including our purchase of Kleinwort Benson's fund administration business, this latest deal further strengthens and deepens our offering to institutional clients.”
“We are delighted to welcome a high quality book of clients and an excellent team in Cayman to the JTC Group.”
Martin Jufer, region head for continental Europe at GAM, added: “This disposal reflects the company's intention to focus on its role as general contractor for private label solutions and the provision of management company services for funds domiciled in Europe.”
“In conducting the sale process, we wanted to ensure the highest possible continuity for clients and after carefully evaluating a range of potential buyers, we are delighted to have completed the sale process with JTC, a company that we believe will provide an excellent home for this successful business.”
JTC has more than 450 staff operating from 18 jurisdictions around the globe and holds more than $60 billion in assets under administration.
