JTC Group, the Jersey-based provider of fund, corporate and fiduciary services, has today been admitted to trade as a public company on the London Stock Exchange.
The company, which was founded in 1987 and was formerly known as the Jersey Trust Co, formally announced its intention to undertake an initial public offering last week. After having raised £243.8m in institutional investment, it was admitted to the LSE this morning, where its ticker will be JTC, and where its market capitalisation was set at £310m.
Nigel Le Quesne, chief executive of JTC, opened trading at the stock exchange this morning (pictured above).
Today’s listing represents an exit for the private equity company which invested in JTC in 2012, CBPE Capital, and helped it to realise its global expansion plans over the last few years.
As reported, these have included the acquisition last May of Merrill Lynch’s International Trust and Wealth Structuring business (ITWS); its acquisition last August of New Amsterdam Cititrust BV, which expanded its presence in the Benelux region; and its acquisition of GAM’s fund administration business in the Cayman Islands in 2016.
Also in 2016, JTC helped a Chinese wealth manager, Noah Noah Wealth Management – an arm of US-listed, Shanghai-based Noah Holdings Ltd – to obtain a trust licence in Jersey, the first company ever to set up a Jersey managed trust company for a mainland Chinese institution; and was itself granted a trust license in the American state of South Dakota by that State’s financial authority.
JTC first established a presence in the US in 2013 with a representative office in Miami, from which it continues to provide corporate, fund and bespoke private client services to its clients. A New York office was added in 2014.
In a statement this morning, Le Quesne said the LSE listing would help to “position JTC strongly for its next stage of development and provide it with a robust structure for future growth”.
“This is the next logical step in our strategy, and will create a long-term capital base for the business,” he added.
“The IPO will provide us with access to the capital markets, as we look to deliver future growth, both organically and through our targeted acquisition strategy in a sector which we view as ripe for consolidation.”
Le Quesne concluded his remarks with a promise to “deliver value for all stakeholders in the business in the years to come”.