JTC is pleased to announce the acquisition of INDOS, an industry-leading specialist in the provision of depositary, Environmental, Social & Governance (ESG) and Anti-Money Laundering (AML) oversight services for alternative investment funds.
INDOS was founded in 2012 and has achieved impressive growth based on its reputation for expertise, innovation and service excellence. As of December 2020, client assets under depositary oversight were c. $35 billion and AML officer clients represented c. $11 billion. INDOS has grown organically since inception and now employs over 50 highly qualified staff across three office locations in Ireland and the UK. It has a high quality, diverse client book of leading UK and international alternative asset fund managers.
All employees, including INDOS founder and CEO Bill Prew and his senior management team, will join JTC, becoming part of the Institutional Client Services (ICS) Division. The transaction is subject to FCA regulatory approval and is expected to complete by the end of Q1 2021.
This represents an important strategic acquisition, adding complementary capabilities and technical expertise to JTC’s increasingly sophisticated fund services offering. The deal will create exciting growth opportunities both on a standalone basis as well as for the broader ICS business and enable JTC to better serve its global client base. INDOS directly adds scale in Ireland and the UK, two growth jurisdictions, as well as expanding the Group’s Cayman offering through the provision of AML oversight services.
This is the latest in a series of successful bolt-on acquisitions for JTC, with similar transactions having been completed in 2018 (Van Doorn CFS, corporate services, Netherlands), 2019 (Exequtive Partners SA, fund and corporate services, Luxembourg) and 2020 (NES Financial, fund services and technology, USA).
Nigel Le Quesne, CEO of JTC, said:
“INDOS is a business of real quality which operates in a strategically important part of the fund services market. Having collaborated with Bill and the team several times, it is clear that their deep expertise, commitment to service excellence and proven ability to innovate and grow makes INDOS a great addition to the JTC platform. The transaction also adds further scale in Ireland, a priority market for the Group, and the UK, where our London team has more than doubled in size over the last 18 months due to client demand. We offer a warm welcome to our new colleagues and are excited to bring the benefits of the acquisition to existing JTC clients and to providing INDOS clients with an even richer suite of global services and the full backing of the JTC Group.”
Bill Prew, CEO, INDOS, added:
“Having grown organically since 2012, we understand what it takes to create value through building long-term client relationships based on service quality and expertise. We share much of our cultural DNA with JTC and their focus on clients, innovation and technology mean that we are very excited about our future as part of the Group. I am also delighted that all members of the INDOS team will become shared owners of JTC.”
