JTC takeover of KB's fund admin business completed

Wednesday 26 August 2015

Following an initial announcement in July, JTC has formally completed its acquisition of Kleinwort Benson’s Fund Administration business, taking the company’s global headcount to over 450 staff and cementing its position as one of the most dynamic growth companies in the sector.

Completion follows receipt of approvals from the relevant regulatory authorities and sees JTC add to its existing operations in the Channel Islands, as well as giving the company its first permanent presence in South Africa. The deal also brings JTC’s total Assets under Administration (AuA) to US$56 billion and bolsters its specific strengths in private equity, real estate and debt funds.

In a statement, JTC said: "The conclusion of this acquisition marks another step in our journey as we strengthen our position as a leading global provider of fund services. While this is the largest acquisition JTC has undertaken to date, our focus now is to provide a seamless experience for clients and staff and delivering first-class service will be the top priority throughout the integration process."

Commenting on the acquisition in July, Nigel Le Quesne, JTC Group CEO and Chairman, said: “This acquisition represents a significant step for JTC as we look to further strengthen our position as a leading provider of fund and corporate services worldwide. Whilst enhancing JTC’s existing presence in the Channel Islands, the deal also provides an exciting opportunity to offer a broader range of services from more jurisdictions, whilst maintaining our focus on client service delivery.

“With its strength across the alternative asset classes, particularly real estate, private equity and debt funds, Kleinwort Benson’s fund administration business is a good fit for JTC. We are now focused on ensuring a seamless transition and integration into our business for clients and look forward drawing on the knowledge and expertise of our new colleagues as part of the JTC team.”