JTC has acquired New York-based Essential Fund Services (EFS), as part of a wider effort to further expand its presence in the US market.
EFS offers a range of services in the alternative assets space, including accounting, reporting and administrative services to investment partnerships and their investment managers.
The acquisition of EFS compliments JTC’s recent acquisition of SALI Fund Services, with
EFS as a provider of fund accounting services to the insurance-dedicated fund (IDF) market, where SALI has a major presence.
According to JTC, the transaction will enable greater collaboration between the firms and a more integrated offering for IDF clients.
Co-founded in 2009 by present member and owner Gerard Federici, EFS currently provides services to 45 clients across 110 investment partnerships and holds approximately US$5.5 billion of assets under administration.
Federici will continue to lead the business and all current EFS employees will join JTC, becoming part of the group’s institutional client services division.
The transaction is not subject to any regulatory approvals and completes with immediate effect.
Commenting on the acquisition, Nigel Le Quesne, CEO of JTC, says: “The acquisition of EFS is another high-quality addition to our strategically important and fast-growing US business.
We are excited about the future for EFS and extend a warm welcome to Gerard, his team and all of the business’ clients and partners.”
Federici adds: “I am delighted that EFS has the opportunity to become part of the JTC Group and play a role in its ambitious plans for the US fund services market. We share the same belief in the importance of exceptional client service and through our established relationship with SALI Fund Services, we will very much hit the ground running and look forward to accelerating our growth story.”
