Jersey-based fund services provider JTC has completed the acquisition of the Cayman Islands branch of GAM’s fund administration business.
The deal was first announced in October.
GAM’s 14-person Cayman operation will now be integrated into JTC’s Institutional Client Services division, under the continued leadership of managing director Christine Godfray, according to a statement released today by JTC. Godfray previously had been chief executive of GAM’s fund services business, known as Swiss & Global Fund Administration (Cayman).
Godfray will work with JTC’s offices around the world to attract fund administration and corporate services business to the firm, JTC said. In Cayman, the business is targeting in particular US asset managers looking to set up offshore fund vehicles, according to the company.
Godfray, who qualified as a Chartered Accountant in Jersey before moving to the Cayman Islands more than 20 years ago, said she was “delighted” to be joining JTC.
Nigel Le Quesne, JTC group chief executive and chairman, said the purpose of the acquisition was to provide clients with a “seamless, global and comprehensive service”.
He added: “Our expansion in the Cayman Islands is a significant part of that, following other recent acquisitions in the same sector including our purchase of Kleinwort Benson’s fund administration business, as we focus on continuing to add real value to our clients now and in the longer term.”
JTC first opened offices in the Cayman Islands in 2013.