JTC, a speciality fund administrator, has agreed to acquire the US-based fund administration business NES Financial (NSEF).
Nigel Le Quesne, CEO of JTC, [pictured above] explained that the US is a “key growth market” for the group and NSEF is the “perfect partner and platform” to drive the strategic expansion of JTC’s institutional client services (ICS) division and in particular its US fund administration business.
NSEF, founded in 2005, has 58 employees who will all join JTC, delivering services from Boston, Massachusetts, where its fund administration operation is based and San Jose, California, which is the company’s corporate headquarters and technology development centre.
Additionally, Michael Halloran, the founder and also chair and CEO of NESF, will become JTC’s global head of technology strategy and join the firm’s group holdings board, the senior executive board of the company.
Halloran said: “We believe that fund administration can be transformed through a combination of technology, domain expertise and business process. In JTC we have found a partner that shares this vision and has the experience, expertise and passion to pursue it.”
The acquisition of NSEF will also add to the firm’s technology capabilities, initially helping to drive service innovation, organic growth and operating efficiencies, within the ICS division and over time, across the group.
Le Quesne added: “We are delighted to welcome our new colleagues, clients and partners to the group and are excited for the future potential of this strategic acquisition.”
