JTC Further Bolsters US Platform With New York Fund Services Acquisition

JTC, the global professional services business, has announced the acquisition of New York-headquartered Essential Fund Services (“EFS”) as the firm continues to add further scale in the key US growth market.

EFS offers a broad range of services in the alternative assets space, including accounting, reporting and administrative services to investment partnerships and their investment managers.

The acquisition of EFS is extremely complementary to JTC’s recent acquisition of SALI Fund Services, with EFS being one of the leading independent providers of fund accounting services to the Insurance Dedicated Fund (“IDF”) market, where SALI is the established market leader. The transaction will enable greater collaboration between the firms and a more integrated offering for IDF clients generally.

More broadly, EFS will enhance JTC’s fund services presence in the US, providing additional scale and growth opportunities to complement its expanding US footprint. EFS currently provides services to 45 clients across 110 investment partnerships and has approximately $5.5bn of Assets under Administration (“AuA”), while its wider client book, primarily located in the Greater New York Region, provides further diversity to JTC’s Institutional Client Services (ICS) client base in the US.

Co-founded in 2009 by present Managing Member and sole owner Gerard M. Federici, EFS differentiates itself from competitors by providing a high level of service to its investment manager clients, allowing them to focus more closely on the investment process, knowing that critical administrative functions are in the hands of skilled and experienced professionals.

Federici will continue to lead the business, and all current EFS employees will join JTC, becoming part of the Group’s Institutional Client Services (“ICS”) Division.

The transaction is not subject to any regulatory approvals and is completed immediately.

“The acquisition of EFS is another high-quality addition to our strategically important and fast-growing US business. Gerard and his team have a demonstrable track record of delivering the highest levels of client service, and the existing relationship with SALI Fund Services will help to enable further growth for both businesses as part of the Group,” said Nigel Le Quesne, CEO of JTC. “We are excited about the future for EFS and extend a warm welcome to Gerard, his team and all of the business’ clients and partners.”

“I am delighted that EFS has the opportunity to become part of the JTC Group and play a role in its ambitious plans for the US fund services market,” said Gerard M. Federici, Managing Member of EFS. “We share the same belief in the importance of exceptional client service, and through our established relationship with SALI Fund Services, we will very much hit the ground running and look forward to accelerating our growth story.”

ABOUT JTC

JTC is a publicly listed, global professional services business with deep expertise in fund, corporate and private client services. Every JTC person is an owner of the business and this fundamental part of our culture aligns us with the best interests of all of our stakeholders. Our purpose is to maximise potential and our success is built on service excellence, long-term relationships and technology capabilities that drive efficiency and add value.

www.jtcgroup.com

REGULATION AND TERMS OF BUSINESS

JTC Group entities that carry on regulated business are (respectively): regulated by the British Virgin Islands Financial Services Commission; the Cayman Islands Monetary Authority; the Guernsey Financial Services Commission; the Jersey Financial Services Commission; the Commission de Surveillance du Secateurs Financier and the Order des Experts-Comp tables (Luxembourg); the Financial Services Commission (Mauritius); De Nederlandsche Bank (Netherlands), the South African Financial Sector Conduct Authority as an authorised financial services provider; chartered and regulated to provide trust services by the South Dakota Division of Banking in South Dakota (USA) ; a member of l’Association Romande des Intermédiaires Financiers (Switzerland); licensed by the Isle of Man Financial Services Authority and authorised and regulated by the Financial Conduct Authority (UK).

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