JTC to acquire US-based fund business

Thursday 09 April 2020

Jersey-headquartered JTC has agreed to acquire a provider of specialist fund administration services based in the US.

The firm said the acquisition of NES Financial (NESF), which is subject to regulatory approval, represents a significant part of their growth strategy, including developing its Institutional Client Services (ICS) business in the US.

Founded in 2005, NESF has 58 employees, all of whom will join JTC, delivering services from Boston, Massachusetts, where its fund administration operation is based and San Jose, California, which is the company’s corporate headquarters and technology development centre of excellence. 

Michael Halloran, the Founder, Chairman and CEO of NESF will become JTC’s Global Head of Technology Strategy and join the JTC Group Holdings Board, the senior executive Board of the Company.  

“The US is a key growth market for the Group and we believe that NESF is the perfect partner and platform to drive the strategic expansion of our ICS Division and in particular our US fund administration business," Nigel Le Quesne, CEO of JTC, said.

"We have been in dialogue with the NESF team for around a year as a potential partner and provider of technology services and we are delighted to welcome them to the Group. NESF is much more than just a US-based fund administrator; it brings to the Group world-class technology capabilities developed in Silicon Valley, a hugely experienced and talented management team and staff, and a high quality client book that encompasses private equity and real estate and market leading positions in several niche sectors.

"We are delighted to welcome our new colleagues, clients and partners to the Group and are excited for the future potential of this strategic acquisition.”

Mr Halloran, added: “We believe that fund administration can be transformed through a combination of technology, domain expertise and business process. In JTC we have found a partner that shares this vision and has the experience, expertise and passion to pursue it."