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 Fiduciary 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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We are JTC, an independent, award-winning provider of fund, corporate and fiduciary 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.
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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.
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The Guernsey Financial Services Commission launched on Wednesday 16 November 2016 a Private Investment Fund ("PIF) regime providing fund managers with more flexibility and a greater choice of fund products.
The PIF, which was developed in response to market demand recognises that certain investment funds are characterised by a relationship between management and investors that is closer than that of a typical agent. The PIF dispenses with the formal requirement for information particulars such as a prospectus in recognition of that relationship, significantly reducing the cost and processing time of launching of a fund.
The PIF, which can be either closed or open-ended, should contain no more than 50 legal or natural persons holding an economic interest in the fund. A key strength of the product is that, where an appropriate agent is acting for a wider group of stakeholders such as a discretionary investment manager or a trustee or manager of an occupational pension scheme, that agent may be considered as one investor. While there is a limit imposed on the number of investors in the PIF, no attempt has been made to limit the number of investors to whom the PIF might be marketed – a feature not available under comparable regimes.
Key features of the proposed Private Investment Fund Regime
The Private Investment Fund is a regulated product with a focus on strong corporate governance, including managing conflicts of interest. No-one should be in any doubt that only the highest principles of corporate governance must be exercised in the use of this product.
1. Private Investment Funds may be either open-ended or closed-ended.
2. Private Investment Funds will be subject to the Private Investment Fund Rules. The Rules contain requirements for
but do not contain any requirements for an information particulars to be prepared.
3. The Private Investment Fund should contain no more than 50 legal or natural persons holding an ultimate economic interest in the private investment fund, save in the instance where the investment is made by an investment manager acting as agent for a wider group of stakeholders. This may be, for example (but not exhaustively): an investment manager acting as agent for investors in a collective investment scheme or equivalent, pension holders in an occupational pension scheme, or government funds – whether local or sovereign.
4. Excepting a period of one year commencing from the date of first subscription, there is a “rolling test” applied on a continuous basis. In the previous twelve months, the Private Investment Fund can add no more than 30 new ultimate investors. This test must be applied and evidenced by the licensed manager of the Private investment fund. The manager shall keep a record of such tests.
5. No attempt has been made to limit the number of investors to whom the private investment fund may be marketed.
6. The Private Investment Fund requires a licensed manager in the structure. No rules would be applied against the licensed manager.
7. The Private Investment Fund cannot entertain a structure whereby there are separate investment advisers acting in respect of individual cells. There must be one adviser to the entire structure.
8. As part of the applications process, the proposed licensed manager provides warranties not only on the fitness and propriety of the promoter, but also on the ability of the investors to assume loss. The philosophy of a private fund is a close relationship between investors and management; therefore, this is not an unreasonable representation. The Commission will treat any failures in the process leading to the signing of such warranties extremely seriously.
The Applications Process
The duration of the applications process would be one business day. The application Form PIF requests both a licence, under section 4 of the Protection of Investors (Bailiwick of Guernsey) Law, 1987 as amended (“the Law”) and for fund registration under section 8 of the Law. Strong corporate governance is ensured through the requirement for a manager licensed under the Law. Thus the licence and fund application is made in tandem and is turned around in one business day by the Commission.
An application should be accompanied by the relevant licensing and registration fees.
Guernsey Funds Update
The development of the PIF follows closely on the heels of the introduction of Guernsey’s Manager Led Product (MLP), a regime designed in light of the Alternative Investment Fund Managers Directive (AIFMD), which places the regulatory burden on the manager and not the fund.
Commenting on this new fund regime JTC Guernsey's Managing Director Adam Moorshead said "The addition of the Private Investment Fund strengthens Guernsey’s position as a leading jurisdiction for the establishment of Investment Funds. As one of the leading Fund Administrators on the Island, the team at JTC are well placed to assist you with all of your service requirements and we would be delighted to explain the new regime to you."
Source: Guernsey Financial Services Commission
Managing Director - Guernsey
Director – Client Relationships
The entities within JTC Group, carrying on the regulated business of JTC Group, are duly regulated as appropriate 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 in Luxembourg; the Malta Financial Services Authority; the Financial Services Commission in Mauritius; the South African Financial Services Board as an authorised financial services provider; is chartered and regulated to provide trust services by the South Dakota Division of Banking in South Dakota (USA); as a member of l’Association Romande des Intermédiaires Financiers in Switzerland and is authorised and regulated by the Financial Conduct Authority in the UK.
L’Association Romande des 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 asset managers within the meaning of the Collective Investment Schemes Act (CISA).
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