Independent fund, corporate and private client service provider JTC has been granted an extension to its licence to offer an enhanced level of fund servicing capabilities in the UK.
The amendment to JTC’s permissions by the Financial Conduct Authority (a ‘Variation of Part 4A Permission’) means that JTC is now authorised to act as an operator of unregulated collective investment schemes (UCIS) in the UK.
As well as enabling JTC to establish, operate and wind up such schemes, the authorisation means it can also take on various oversight responsibilities including ensuring schemes comply with all regulatory requirements and that appropriate information is provided to investors. It also allows JTC to assist in promoting funds and assume responsibilities for managing the property and assets held within the schemes.
The move to enhance JTC’s funds capabilities in the UK forms part of JTC’s ambitious expansion plans, having recently extended its global reach through its network of offices in 17 jurisdictions and the appointment of Will Cameron as Head of its office in Fareham.
An unregulated collective investment scheme is any collective investment scheme that is not authorised or recognised by the FCA, with such schemes typically involving entities including UK Limited Partnerships, Limited Liability Partnerships, open ended investment companies and unauthorised unit trusts. Acting as an operator of unregulated collective investment schemes is restricted under the Financial Services and Markets Act 2000.
Stuart Pinnington, Group Head of Institutional Services, JTC said:
“This is a significant development for JTC that strengthens considerably our overall funds proposition as a provider of fund services both on and offshore. Whilst complementing our existing fund offering in the UK, this ability to now offer a full suite of fund solutions to cater for the more sophisticated and institutional end of the investor market is a key strategic move for the firm, positioning us well as we seek to further grow our fund servicing business in the UK and internationally.”
Will Cameron, Head of JTC’s Fareham Office, added:
“This authorisation represents a huge step forward for our growing UK business. Within our UK team we have significant expertise and experience in developing fund structuring solutions for clients and I am delighted that we are now able to draw on that knowledge to provide a whole range of administration and oversight services to the unregulated fund sector, an area where we see real potential for growth and where we feel we can offer a genuinely cost effective and efficient service.”