JTC, the global professional services business, has acquired SALI Fund Services, a US-based provider of fund services to the Insurance Dedicated Fund (IDF) and Separately Managed Account (SMA) market.
Headquartered in Austin, Texas, SALI provides a solution for the creation and administration of IDFs, which are investment vehicles that enable alternative investment managers to provide institutions, family offices and high net worth individuals with a tax efficient vehicle.
This enables them to invest the long-term capital allocated through life insurance policies into alternative assets. Due to the nature of IDFs, client relationships are long-term, with fund lifespans being multi-decade, which provides strong recurring revenue visibility.
The acquisition of SALI advances JTC’s strategic objective to strengthen its presence in the US.
Combined with the recent acquisitions of NES Financial and Segue Partners, the acquisitions have strengthened the group’s scale and capabilities in a key growth market.
Additionally, SALI provides JTC’s Institutional Client Services (ICS) division with access to the insurance market, where there will be opportunities in the medium to long term.
JTC explains the acquisition also means that its Private Client Services (PCS) will have additional service lines and expertise to support existing clients.
Nigel Le Quesne, CEO of JTC, comments: “SALI is a business of exceptional quality and a clear leader in the growing IDF market. Their operations are highly complementary to our existing US footprint and their deep expertise will be a fantastic addition to our group capabilities set.”
Thomas Nieman, CEO of SALI Fund Services, states: “SALI couldn’t be more excited to join the JTC family, whose history of cultivating client relationships over multiple decades aligns strongly with SALI’s core mission and values.”
The acquisition is expected to close before the end of 2021, subject to the satisfaction of customary closing conditions.
