Jersey’s JTC expands into Netherlands via acquisition
JTC Group, the Jersey-based provider of fund, corporate and fiduciary services, has acquired an Amsterdam-based corporate services provider, New Amsterdam Cititrust BV, as it continues its international expansion strategy.
Under the deal, which is subject to regulatory approvals, all of NACT’s management team and staff will remain with the organisation and in so doing, become employees of JTC, according to a statement announcing the acquisition. The deal is expected to complete by the middle of the year, JTC said.
NACT was founded in 1981 and looks after a range of client types, including entrepreneurs and their families, venture capitalists, private equity firms and publicly-listed companies.
It provides them with corporate and administration services, including company formation, corporate management, administration, accounting, financial reporting and legal and secretarial services, according to JTC.
JTC Group chief executive and chairman Nigel Le Quesne, pictured, said that including a Netherlands base was “a natural extension of our presence in the Benelux region”, and that the acquisition of NACT would “strengthen and deepen” its client offering.
JTC, which was founded in Jersey some 30 years ago, when it was known as the Jersey Trust Co, today employs more than 500 people in 18 jurisdictions, and looks after more than US$70bn in assets under administration. It says it has institutional and private clients in some 102 countries around the world.
In November, as reported, it announced that it had obtained a trust licence in the US state of South Dakota, adding to a US presence that includes a representative office in Miami, opened in 2013, and a New York office, opened in 2014.
Last August JTC became the first company ever to set up a managed trust company in Jersey for a mainland Chinese institution, when US-listed, Shanghai-based Noah Holdings Ltd obtained a Jersey trust licence in association with JTC, enabling Noah to offer trusts to its wealthy Chinese clients.