JTC has completed its acquisition of the assets, contracts, and employees of SANNE.
The acquisition will expand JTC’s private client services in the Jersey jurisdiction, where clients representing annualised ongoing revenues of £4.1m have been transferred to JTC in a payment of £9 million that was funded through SANNE’s operating cash flows.
Transferring employees from SANNE will be integrated onto JTC’s global administration platform in a relocation that is expected to enhance earnings and be consistent with JTC’s existing scalable platform for operating margins.
Nigel Le Quesne, CEO of JTC, commented: “We are delighted to welcome our new colleagues and clients to JTC. We have built a strong reputation for client service excellence, innovation and consistent growth.”
He continued: “Our Jersey platform continues to deliver strong commercial performance, and we look forward to using our extensive acquisition experience to ensure a positive and seamless transition. We have a great business which has consistently demonstrated excellent resilience and sustained growth throughout multiple economic cycles.”
This acquisition, which is part of JTC’s growth strategy across institutional client services and private client services, follows the firm’s recent acquisition of NES Financial.
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