JTC has revealed its intentions to acquire INDOS Financial, subject to Financial Conduct Authority’s regulatory approval and is expected to complete by the end of March.
INDOS, founded in 2012, is a specialist in the provision of depositary, environmental, social and governance (ESG) and anti-money laundering (AML) oversight services for alternative investment funds.
The acquisition will see all INDOS’ 52 directors and staff in its London, Fareham and Enniscorthy offices join the institutional client services division of JTC and will become shared owners in the business.
INDOS will also add to JTC’s operations in Ireland and the UK, as well as expanding the group’s Cayman offering through the provision of AML oversight services.
Founder and CEO of INDOS Financial Bill Prew says the transaction has come at “a perfect time for INDOS” and will help enable the firm to continue to invest in and develop its range of services as well as the markets it operates in for the benefit of INDOS clients.
“Having grown organically since 2012, we understand what it takes to create value through building long-term client relationships based on service quality and expertise. We share much of our cultural DNA with JTC and our common focus on clients, innovation and technology mean that we are excited by our future as part of the group,” Prew adds.
Nigel Le Quesne, CEO, JTC, explains: “INDOS is a business of real quality which operates in a strategically important part of the fund services market. Having collaborated with Bill Prew and the team several times, it is clear their deep expertise, commitment to service excellence and proven ability to innovate and grow makes INDOS a great addition to the JTC platform.”
He continues: “The transaction also adds further scale in Ireland, a priority market for the group, and the UK where our London team has more than doubled in size over the last 18 months due to client demand. We offer a warm welcome to our new colleagues and are excited to bring the benefits of the acquisition to existing JTC clients and to providing INDOS clients with an even richer suite of global services and the full backing of the JTC Group.”
INDOS Financial was advised by Key Capital in relation to corporate finance matters and Tughans in relation to legal matters.
The announcement follows a string of acquisitions for JTC over the last few years with the acquisition of SANNE and NES Financial last year and in Exequtive Partners 2019.
