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.
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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’s strong track record in operating at the leading edge of alternative asset classes continues with its innovative and market-leading capabilities in the emerging sphere of cryptocurrencies.
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.
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.
We provide employee benefit structures, administration services to ensure employees get maximum value from the plans that organisations put in place.
Global experience in this dynamic asset class, spanning our corporate, funds and private client divisions.
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.
We are able to partner with corporate and institutional wealth providers to complement their service offering by providing trust and company services.
In an age of truly international mobility, we also offer market-leading citizenship-and-residency-by-investment solutions via a strategic alliance with market-leading provider Henley & Partners.
JTC has extensive cross-jurisdictional experience and expertise in working with institutional and private clients in Africa, Americas, Asia, Australasia, Caribbean, Channel Islands, Europe, Middle East, Russia & CIS and the United Kingdom.
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12 Oct 2017
Date: 21 and 22 November 2017
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We are JTC, an independent, award-winning provider of fund, corporate and private wealth services to institutional and private clients.
We value shared ownership, we put relationships first, we invest in our people, we embrace technology. We are JTC.
To build partnerships with our clients that enable them to focus on their core business.
We live and breathe our values and together they form our unique culture and JTC DNA.
JTC’s shared ownership philosophy extends to the communities where we live and work.
Established in 1987, we are proud of our history and excited about our future.
Join a dynamic team at JTC where everyone is dedicated to continuously delivering a service beyond our clients' expectations.
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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 client’s 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.
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Whilst your skills and experience are with asset allocation, security selection and investor relations, a mutual fund structure can provide you with a means to pool multiple investors within a single vehicle, leading to economies of scale that bring benefits to both you and your investors.
These benefits include:
Therefore as you take your first steps to setting up your offshore fund, here are a few things you will need to consider.
One of the most common mistakes that investment managers make is creating a fund that is perfect for their current clients and existing market environment. We have seen only too clearly the impact of market changes over the last five years, and the difficulties that some funds have experienced, especially those created with insufficient operational flexibility.
As part of the fund set-up process ensure you consider and discuss different scenarios that may play out in the future and decide how best to structure the new fund so it will continue to meet investor expectations in terms of investment strategy and liquidity options throughout the fund cycle. Many investment managers introduce restrictions such as what the fund may or may not invest.
This is an ideal way of ensuring that, for example, illiquid securities do not amount to more than 10% of a liquid fund.
However, any limitation could become an onerous restriction if markets change, so unless driven by investor wishes it is often best to avoid them.
There are no limits or restrictions imposed by law on a Cayman Islands fund with regards to investment strategy.
When considering the jurisdiction in which to launch your fund there are a number of criteria that will be very important to the success of your fund.
The Cayman Islands offers many of the key criteria you will be looking for including:
In addition both the Registrar of Companies and the Cayman Islands Monetary Authority (CIMA), through which a fund is incorporated and regulated, provide a straightforward and timely registration process. In practice the speed a fund is created and launched is driven more by your own timetable than the response time of the regulators or service providers.
Further, under present legislation there is no income, corporation, capital gains or other taxes in effect in the Cayman Islands which would be applicable to your fund. The fund may apply to the Governor in Cabinet of the Cayman Islands for an undertaking that in the event of any change to the taxation legislation, for a period of twenty years (or fifty years in the case of a partnership) from the date of the grant of the undertaking, the fund will not be chargeable to tax in the Cayman Islands on its income or its capital gains arising in the Cayman Islands.
Selecting your service provider is a very personal decision and involves forming a relationship which will be supportive through both the launch process and long term. The initial service and speed of response to those early questions will help you determine how you will be treated once the fund is launched.
There will be times when circumstances outside of your control need very personalised or time sensitive assistance beyond the routine administration services. At such critical times you should ensure you will be able to speak with your relationship manager and team and expect constructive suggestions directly and innovative solutions to any more unusual issues that arise. Further, the administrator needs to understand your product and make sure that their own processes and controls are designed to minimise the risk of operational errors in your fund.
The structure of your fund itself is very important. Decide whether you wish for your fund to be set up as a trust, a partnership, or a company?
Other considerations are:
Bear in mind that the more frequent the fund permits investor transactions, the more frequent the fund will need to be valued, which in turn will impact on the administration fees charged.
Typically, the administrator will be compensated based on a set percentage of the net asset value of the assets held by the fund. The administrator may impose a minimum annual fee to ensure adequate compensation whilst the fund is growing. You may wish to impose a cap on administration fees so that as assets held by the fund grow, the administrator is not earning higher fees that are not commensurate with the level of work undertaken. Realistic discussions regarding the potential size of the fund will help both parties negotiate these fees prior to launch.
You will naturally compare administration fees between service providers. However, make sure that the package of services is comparable. Some administrators charge separately for services that traditionally fall under the administration fee. These include:
It is important to make sure these additional costs are disclosed up front.
Some of the key costs to consider when setting up a fund include:
Choosing your administrator should be like choosing your future spouse. Make sure that you spend time getting to know each other and make sure the chemistry works.
Problems with resolving issues at an early stage in the relationship do not bode well for the future. Keep an open line of communication and be sure that both parties are ready to commit to the launch deadline. Discuss expectations of the roles to be played by each party and be up front with discussions regarding the basis for any changes in fees.
Taking the time to understand each other’s needs and having in-built flexibility within the fund structure and service agreements to handle unexpected issues that may arise, will help to ensure a smooth and mutually beneficial relationship.
Managing Director - Cayman
Director – Institutional Client Services – Cayman
JTC Group entities that carry on regulated business are (respectively): regulated by the British Virgin Islands Financial Services Commission; the Cayman Islands Monetary Authority; the Guernsey Financial Services Commission; the Jersey Financial Services Commission; the Commission de Surveillance du Secteur Financier and the Ordre des Experts-Comptables (Luxembourg); the Malta Financial Services Authority; the Financial Services Commission (Mauritius); De Nederlandsche Bank (Netherlands), the South African Financial Services Board as an authorised financial services provider; chartered and regulated to provide trust services by the South Dakota Division of Banking in South Dakota (USA); a member of l’Association Romande des Intermédiaires Financiers (Switzerland); licensed by the Isle of Man Financial Services Authority and authorised and regulated by the Financial Conduct Authority (UK).
L’Association Romande d’Intermédiaires Financiers (ARIF) is a self-regulated agency approved by the Swiss Financial Market Supervisory Authority (FINMA) for the supervision of financial intermediaries referred to in Article 2 para.3 of the Swiss Federal Act concerning the fight against money laundering and terrorist financing in the financial sector (LBA). ARIF is also recognised by FINMA as a professional organisation for the enactment of rules of conduct relating to the exercise of the profession of independent managers within the meaning of the Collective Investment Schemes Act (CISA).
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