Global professional services business JTC has acquired New York-headquartered Essential Fund Services.
EFS offers a broad range of services including accounting, reporting and administrative services to investment partnerships and their investment managers.
The firm says the acquisition of EFS is "extremely complementary" to JTC’s recent acquisition of SALI Fund Services, with EFS being one of the leading independent providers of fund accounting services to the Insurance Dedicated Fund (IDF) market, where SALI is the established market leader.
EFS was Co-founded in 2009 by present Managing Member and sole owner Gerard M. Federici. He 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.
Nigel Le Quesne, CEO of JTC, said: “The acquisition of EFS is another high-quality addition to our strategically important and fast-growing US business. Gerard and his team have a demonstrable track record of delivering the highest levels of client service and the existing relationship with SALI Fund Services will help to enable further growth for both businesses as part of the Group. We are excited about the future for EFS and extend a warm to welcome Gerard, his team and all of the business’ clients and partners.”
Gerard M. Federici, Managing Member of EFS, said: “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.”
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