JTC Cayman acquisition bolsters fund administration capabilities

Published 7 Jan 2016

Independent institutional and private client service provider JTC has extended the capabilities of its Cayman Islands office to offer a broad range of fund administration services, following the completion of its acquisition of GAM’s fund administration business based there.

Having announced the acquisition in October and with all regulatory approvals from the Cayman Islands Monetary Authority now granted, JTC is strongly positioned to provide a full spectrum of fund administration services, adding to the private client services it already offers from the jurisdiction, where it has had a presence since 2013.

With all 14 new staff in the Cayman Islands now integrated into JTC’s Institutional Client Services division, the expanded business caters for a full range of fund vehicles and offers services that are expected to be particularly attractive to asset managers in the US seeking to establish offshore fund vehicles.

The new operation will continue to be led by Managing Director Christine Godfray, previously Chief Executive Officer of GAM’s fund services business known as Swiss & Global Fund Administration (Cayman) Ltd.

In her role, Christine will work with colleagues in JTC’s offices around the world to attract fund administration and corporate services business to the Group and the Cayman Islands. A Member of the Institute of Chartered Accountants of England and Wales, Christine qualified as a Chartered Accountant in Jersey before moving to the Cayman Islands where she has worked in the mutual fund industry for over 20 years.

Commenting on the acquisition, JTC Group CEO & Chairman, Nigel Le Quesne, 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."

Christine Godfray, Managing Director, JTC Fund Services (Cayman) Ltd., added:

“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 customized services to meet individual client needs means that the business is now extremely well placed in the jurisdiction.”