JTC continues acquisition spree

JTC Group has completed its third acquisition in only 22 months, all three being the fund administration divisions of rival fund services providers.

The latest deal is the purchase of GAM’s fund administration business in Cayman, bringing JTC’s jurisdiction count to 18.

The deal will see all 14 GAM staff in Cayman transfer to JTC. The transaction is expected to be completed by end of year.

The acquisition follows two similar deals. In late 2013, JTC acquired the fund administration business of Guernsey-based Anson Group. Then, earlier this July, JTC acquired rival Kleinwort Benson’s fund administration business in Guernsey, Jersey and South Africa. That purchase alone grew JTC’s global headcount by 40 percent to a total of around 450 employees.

JTC, founded in Jersey about 25 years ago, now holds more than $60 billion of assets under administration.