JTC is a publicly listed, award-winning provider of fund, corporate and private wealth services to institutional and private clients.
Established in 1987, we are proud of our history and excited about our future.
To build partnerships with our clients, we live and breathe our values. Together they form our unique culture and JTC DNA.
We value shared ownership, we put relationships first, we invest in our people, we embrace technology. We are JTC.
Our CSR policy sets a common approach for us to follow in conjunction with our Code of Business Ethics, creating the maximum benefit to our people and the communities that they live and works in.
Our shared ownership philosophy extends to the communities where we live and work.
Our Communities Our Own
We are an independent global specialist in the administration of traditional funds and alternative assets with a particular specialism in private equity and real estate.
CRS & FATCA
We can support your fund through its entire lifecycle and the growth of your business. We provide a comprehensive range of private equity solutions delivered from key onshore and offshore jurisdictions to leading companies investing in a broad range of industries.
Our Fund Services Division has a proven track record in providing a broad range of fund services where the asset class is real estate.
JTC Fund Services can offer a fully AIFMD-compliant ManCo service. The activities of the ManCo include providing a portfolio management, risk management and oversight function.
We have a deep understanding of listing funds on internationally recognised stock exchanges and the ongoing regulatory requirements of administering listed funds.
As a truly independent fund administrator you can be reassured that your fund administration requirements are entrusted to people that care about your investment structures.
We will project manage your application and guide you through the process and co-ordinate the various advisors to assist with the fund launch and strive to ensure everything happens within the expected timescales.
We offer a transparent, proactively managed range of cash management, foreign exchange and lending services, supported by a dedicated team of experienced professionals.
We offer a fully flexible, on demand specialist VCFO, Financial Controller and Accounting team services based on your requirements, be it for continual, frequent or periodic support.
JTC Corporate Services provides a comprehensive range of corporate and fund services from key onshore and offshore jurisdictions to leading companies in their field of expertise.
We provide corporate finance services for corporate and institutional clients including debt capital solutions, treasury and escrow services.
Global experience in this dynamic asset class, spanning our corporate, funds and private client divisions.
We provide employee benefit structures, administration services to ensure employees get maximum value from the plans that organisations put in place.
JTC Private Wealth Services specialises in protecting and nurturing your private capital in real estate, financial and non-financial assets across countries and generations.
Superior service delivered by industry leading experts for private individuals, entrepreneurs and their families.
We provide a tailored range of private office solutions that work effectively for each family, from generation to generation.
Our Marine & Aviation Services team has a deep working knowledge and proven track record, collectively and individually, in dealing with a wide variety of structures and transactions across the aviation, yachting, shipping and offshore supply industries.
We are able to partner with corporate and institutional wealth providers to complement their service offering by providing trust and company services.
Call +44 1534 700 000Email us Our Global Network
17 May 2018
Date: 21 June 2018
20 Apr 2018
27 Mar 2018
Join a dynamic team at JTC where everyone is dedicated to continuously delivering a service beyond our clients' expectations.
View all jobs
We want everyone, wherever they work in the JTC network, to be able to develop the skills and knowledge that they need to be excellent in our world and we deliver this to our team through the JTC Academy.
JTC Gateway offers our people the opportunity to develop their careers by working in Group locations across the world.
JTC is committed to the policy of equal treatment of all its employees and requires all employees of whatever grade or authority, to abide by and aspire to this general principle.
We have a highly qualified and multilingual workforce. In 1998 we created the JTC Employee Benefit Trust, which turned our employees into stakeholders. This enables us to attract and retain the best people, whilst keeping them absolutely motivated and dedicated to our clients.
In 2014 this belief in share ownership was embedded further into the JTC culture with the equity for all scheme, allowing all permanent members of staff the opportunity to invest in the future of their company. That helps explain why they are so dedicated and care so much about their clients' work.
Our shared ownership culture benefits our clients.
JTC is an international organisation with global reach and true cross border capability. We are proud of our ability to provide the best solutions for clients irrespective of geography.
View all our locations
Isle of Man
uk - London
USA - Miami
USA - New York
USA - South Dakota
Results & Presentations
Annual General Meetings
Recently, our Guernsey Managing Director Adam Moorshead spoke with Guernsey Finance about trends seen in the Private Equity sector over the past 12 months, both in Guernsey as well as globally. Continue reading to read the article in full:
How would you characterise private equity dealmaking in your region over the last 12-18 months? What kinds of transaction values are apparent and is there strong competition for deals?
Moorshead: We have seen encouraging levels of transactions over the last 12-18 months; however, YTD 2016 is trailing its corresponding period from 2015. The short term economic and political uncertainty means a mismatch in the valuation expectations, so depressing deal activity. This is understandable given this has been a year of surprises, with the UK referendum and the US election producing unexpected results. There remains a lot of competition at the deal level, with managers holding onto assets for longer and an increasing amount of dry powder in the market as PE firms wait patiently for investment opportunities. Infrastructure, real estate and debt are still proving to be popular. The overall volume of deal flow in 2016 has slowed considerably but showing a corresponding increase in the deal size. Locally, the market has been busy with a number of consolidators of funds and fiduciary businesses active in the period and multiples of 12 times achievable for businesses of scale. I am sure there is more to come over the next 24 months.
To what extent are banks eager to provide financing for leveraged buyouts? Are ‘non-traditional’ lenders also visible in the market?
Moorshead: Obtaining traditional bank finance is a significant challenge for financing leveraged buyouts. This is a twofold matter with regulatory scrutiny on how much leverage should apply to PE transactions and concerns over the syndication of buyout loans resulting in banks moving away from financing. Financing has proved increasingly difficult to obtain for PE transactions, even for some big name firms. KKR, for example, underwrote a significant portion of an acquisition in November 2015, however most PE firms are unable to do this on their own book. Alternative lenders are filling the gap at both senior and mezzanine levels.
Could you outline the most significant legal and regulatory developments facing the private equity industry? In your opinion, how will they shape the asset class in the long term?
Moorshead: There have been a vast number of regulatory changes that have impacted, and will continue to impact on, the industry, with regulatory initiatives such as AIFMD, BEPS and Dodd-Frank requiring a huge change in the focus for firms. What was historically a business model focusing on performance has transformed into a model that must cope with regulatory reporting on risk, operations, performance and remuneration, all while controlling costs. Additionally, there is a focus on cross-border tax matters and taxation to be dealt with as jurisdictions try to improve revenue collection. All these additional reporting requirements come at a cost, and it is a significant challenge for GPs to manage.
How are private equity firms actively reducing risk and improving returns across their portfolio?
Moorshead: Nothing has fundamentally changed in terms of reducing risk and improving returns across portfolios. PE firms have always sought to achieve risk adjusted returns and are continuing to follow the traditional model of improving and strengthening management, capital expenditure and growth into new markets, with the added upside of embracing technology opportunities, which, of course, are advancing at an incredible rate. Reporting requirements have increased though, with both regulators and investors demanding greater transparency.
How are private equity exits playing out in your region? Is there an emphasis toward trade sales, IPOs or secondary buyouts, for example?
Moorshead: Looking at Europe, exits in the region are slow, clearly being impacted by economic and political matters, but this is in tune with a global market which remains cautious. Uncertainly over Brexit, the eurozone and now the US election results means we are seeing more managers taking a ‘wait and see’ approach. IPOs are reduced in both value and volume, again reflecting the global IPO trend – with the exception of Asia. Secondary buyouts had a flurry of activity in 2015, but this has not continued throughout 2016. Looking back over the last decade, however, the trend in the secondary buyout space is increasing to levels seen prior to the financial crisis, so the longer term trend for PE exits seems very positive. Locally, there has been an emphasis on PE-backed trade sales with a notable IPO earlier in the year.
Could you provide an insight into the major issues shaping the relationship between general partners (GPs) and limited partners (LPs)?
Moorshead: GPs continue to be under pressure on fees, so we see a trend of higher hurdle rates compared to previous years, as managers attempt to appease investors. LPs are also finding increasingly alternative ways of deploying capital by ways of co-investment, joint ventures and even direct investing, competing for the very same assets as the PE funds themselves. Larger GPs have remained successful in being able to raise funds, and LPs are still keen on seeing the GPs have some ‘skin in the game’. In terms of due diligence, given the growing impact of regulatory reporting, LPs are demanding more transparency on the same issues, such as risk reporting, operations, performance and valuations.
Looking ahead, what are your predictions for private equity fundraising in the coming months?
Moorshead: In the short-term, the outlook is excellent. We have already seen some considerable funds raised in 2016, such as Macquarie’s European Infrastructure fund raising €4bn, Park Square’s €1.2bn fund and Cinven raising €7bn. Opportunities should be presented by a transitional Brexit that should prove positive, the reduced value of the pound making UK valuations more attractive, together with deals that were impacted in the run-up to Brexit and the US election that are likely to restart. In the longer term, the impact for the UK depends on its
negotiations with the EU, as nobody knows how this will impact on UK funds’ rights to market to European investors. Guernsey, on the other hand, has a proven track record with an established route into Europe using national private placement regimes, as well as a new private investment fund regime, so is well placed to continue its role serving the PE industry.
- See more at: https://www.weareguernsey.com/literature/2017/private-equity-in-guernsey/#sthash.Gmy1KH7r.dpuf
View all articles
Receive the latest news, events and publications from JTC
© Copyright 2018 JTC Group | Terms of Business (ToB) | Treasury Services ToB | Legal & Regulatory | Modern Anti-Slavery & Human Trafficking Statement | Privacy Notice | Disclaimer | Sitemap
Receive the latest news, events and publications from JTC
× Accept and close