JTC, the provider of fund services with over $40bn of assets under administration, is buying Kleinwort Benson’s funds administration business based in the Channel Islands and South Africa.
The deal covers KB’s business in Guernsey, Jersey, while it will facilitate JTC’s access to its first permanent presence in South Africa. JTC’s global headcount will increase by some 40% to about 450, and it will increase servicing capabilities around alternative investments, including private equity, debt and property.
On completion of the deal, the business will become part of JTC’s Institutional Services division. Subject to regulatory approval, the parties expect the deal to complete by the end of the third quarter of 2015.
Nigel Le Quesne (pictured), 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.”