JTC expands Cayman fund admin service 08 January 2016Cayman Islands Reporter: Stephanie Palmer
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JTC has completed its acquisition of the GAM fund administration business in the Cayman Islands, having received the appropriate approvals from the Cayman Islands Monetary Authority.
The acquisition of GAM’s fund administration business, also known as Swiss & Global Fund Administration, extends the capabilities of JTC’s Cayman Islands office to include a wider range of fund administration services, adding to the private client services it already offers in the jurisdiction.
As 14 new staff members join the JTC institutional client services team, it can now cater to a broader range of fund vehicles.
JTC expects the new services to be particularly attractive to asset managers in the US looking to establish offshore fund vehicles.
Christine Godfray, previous CEO of GAM’s fund services business, will lead the new operation as managing director.
She has worked in the mutual fund industry in the Cayman Islands for over 20 years, and in her new role will work in JTC offices around the world to attract new business to the islands.
Godfray said: “It is clearly an exciting period of growth for JTC globally and I am delighted that we are joining such an ambitious and positive group.”
“JTC’s ability to now offer high quality fund administration services in the Cayman Islands, together with our boutique style of providing customised services to meet individual client needs, means that the business is now extremely well placed in the jurisdiction.”
Nigel Le Quesne, chair and CEO of JTC Group, said: "JTC’s strategy is very much about enhancing both our institutional and private client services in key financial centres in order to provide clients with a seamless, global and comprehensive service.”
“Our expansion in the Cayman Islands is a significant part of that, following other recent acquisitions in the same sector including our purchase of Kleinwort Benson's fund administration business, as we focus on continuing to add real value to our clients now and in the longer term."
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