Less than a month after it announced an agreement to acquire US fund administration business NES Financial (NESF), JTC has confirmed the completion of the deal having received all regulatory approvals.
The acquisition of NESF, a technology-enabled, market leading provider of specialist fund administration services, represents a key part of JTC’s ongoing growth strategy. In particular it highlights the firm’s focus on developing its Institutional Client Services (ICS) business in the United States and its commitment to harnessing technology to drive future growth and operating efficiency.
Founded in 2005, NESF has 58 employees, all of whom join JTC, delivering services from Boston, Massachusetts and San Jose, California. It provides fund administration, treasury and related services to a broad client base including private equity, real estate and debt funds, and has established itself as a leader in the provision of full-service fund administration solutions in a number of niche US markets including 1031 exchange funds, EB-5 funds and Qualified Opportunity Zone funds.
Nigel Le Quesne, CEO of JTC, said:
“Particularly in the current environment, to complete this acquisition in such a quick timeframe is really pleasing and reflects the commitment on both sides to get this done and focus on moving forward with the integration of NESF onto our global platform. I’m delighted to welcome the NESF team to JTC. Their experience and expertise, together with their world-class technology, will play a key role in driving forward the strategic expansion of our ICS Division and our US fund administration business, and in helping to deliver service innovation across the wider Group in due course.”
