JTC acquires employee benefits platform

Friday 18 December 2020

JTC has announced the acquisition of employee benefits platform RBC Cees Limited (CEES), subject to regulatory approval.

Around 180 CEES employees, including the senior management team, will join JTC at completion, becoming part of the company’s Institutional Client Services Division. They will serve a global client base from offices in Jersey, Guernsey, London and Edinburgh.

CEES’ client book consists of over 430 corporate relationships and more than 890 plans, with assets under administration of c.£11bn. 

JTC CEO Nigel Le Quesne (pictured top) said: "We are pleased to welcome our new colleagues and clients to the Group and look forward to working with the excellent team at RBC to ensure a smooth transition of the business. We can see that demand for employee ownership solutions is growing globally and as well as achieving enhanced financial performance over the medium term once integrated onto the JTC platform, we see medium and long-term opportunities for good organic growth.”

Dave Thomas, CEO of RBC Europe, added: "We are extremely proud of the CEES business that RBC Wealth Management has built in the British Isles over the previous 15 years and are therefore pleased to see it transfer to the JTC Group, which has employee shared ownership at the heart of its culture. We believe that RBC and JTC share a number of important values, including a commitment to client service excellence and high levels of employee engagement. In addition, JTC has a track record of integrating acquisitions of this type in a manner that respects all stakeholders and in particular employees and clients. We will be working closely with the JTC team via a transitional services agreement to ensure that client service is transferred seamlessly.” 

The transaction is expected to complete in early Q2 2021.