16th Dec 2021 11:53
(Alliance News) - JTC PLC announced on Thursday it had acquired New York-based financial and administrative service firm Essential Fund Services LLC.
JTC said the consideration will be settled via cash and JTC equity. The company did not disclose a figure.
The Jersey-based fund management service said the acquisition of Essential Fund Services was complementary to its recent acquisition of SALI Fund Services, as both companies are in the insurance dedicated fund market.
JTC said the acquisition will allow for greater collaboration between the firms and a more integrated offering for its insurance dedicated fund clients more generally. The acquisition will also enhance its US footprint and provide a wider client book, JTC added.
Essential Fund Services was co-founded in 2009 by Gerard Federici and provides services to 45 clients across 110 investment partnerships. Federici will continue to lead the business, and all current Essential Fund Services employees will join JTC.
In the financial year 2020, Essential Fund Services delivered revenue of USD1.7m with an earnings before interest, tax, depreciation and amortisation margin in line with JTC's medium term guidance of between 33% to 38%.
Shares in JTC were up 2.2% at 896.00 pence each on Thursday morning in London.
By Heather Rydings; [email protected]
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