JTC is set to acquire Minerva, a provider of private client, corporate, fund and treasury services established more than 40 years in Jersey for £30m.
The acquisition will add a new office to JTC’s global network (Dubai, United Arab Emirates) and increase scale in five of its existing locations: Jersey, London, Geneva, Singapore and Mauritius.
The private wealth services provider said that with Minerva it will extend its reach in the markets of sub-Saharan Africa, India and Asia as well as enhance its treasury services offering.
JTC expects the deal to be “immediately earnings enhancing”, after completion which is forecast for November.
The payment for the acquisition is composed of an initial sum of GBP28 million, of which 60% in cash and 40% in shares.
“Minerva has a long track record with particular strength in the private client sector and the markets of Africa, Asia and the Middle East. There is a clear fit with our existing operational footprint and client base and this will allow us to leverage our scalable global platform to drive future growth.
“There is also strong cultural alignment, with a focus on client service excellence, and I am pleased that the founders and leaders of the business will continue to be directly involved post completion,” Nigel Le Quesne, chief executive of JTC said in a statement.