JTC Group Enters into a Definitive Agreement to Acquire Alternative Investment Fund Specialist INDOS

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Latest acquisition to complement JTC’s existing global fund administration capabilities

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INDOS’ leadership in depository oversight for alternative investment funds, extensive ESG services, along with Cayman fund oversight and AML compliance capabilities, are highly complementary to our US client base and our existing practices in depository administration and impact investing.

Global fund administrator JTC Group announced the acquisition of INDOS, an industry-leading specialist in the provision of depositary, ESG and AML oversight services for alternative investment funds.

INDOS is being acquired from its management team and a group of private shareholders. All employees, including INDOS founder and CEO Bill Prew and his senior management team, will join JTC, becoming part of the Institutional Client Services (ICS) Division. The transaction is subject to FCA regulatory approval and is expected to be completed by the end of Q1 2021.

As of December 2020, INDOS' client assets under depositary oversight were $35 billion and AML officer clients represented $11 billion. INDOS has grown organically since inception and now employs over 50 highly qualified staff across three office locations in Ireland and the UK. It has a high quality, diverse client book of leading UK and international alternative asset fund managers.

"INDOS is a business of real quality which operates in a strategically important part of the fund services market. Having collaborated with Bill and the team several times, it is clear that their deep expertise, commitment to service excellence and proven ability to innovate and grow makes INDOS a great addition to the JTC platform,” said JTC CEO Nigel Le Quesne.

"Having grown organically since 2012, we understand what it takes to create value through building long-term client relationships based on service quality and expertise,” said Bill Prew, CEO of INDOS. “We share much of our cultural DNA with JTC and their focus on clients, innovation and technology mean that we are very excited about our future as part of the Group. I am also delighted that all members of the INDOS team will become shared owners of JTC."

The acquisition forms part of JTC's on-going growth strategy, which enhances the organic growth momentum of the core business with disciplined inorganic growth governed by clear acquisition criteria and supported by a strong track record for thorough and successful integration to JTC's global platform.

“INDOS’ leadership in depository oversight for alternative investment funds, extensive ESG services, along with Cayman fund oversight and AML compliance capabilities, are highly complementary to our US client base and our existing practices in depository administration and impact investing. It’s exciting to have them now part of JTC Group,” said Michael Halloran, CEO of ICS USA at JTC Group.

This is the latest in a series of successful bolt-on acquisitions for the Group, with similar transactions having been completed in 2018 (Van Doorn CFS, corporate services, Netherlands), 2019 (Exequtive Partners SA, fund and corporate services, Luxembourg), and in 2020, when JTC acquired specialty financial administrator NES Financial to expand its North American presence in the technology, private equity and impact fund space.

About JTC PLC
JTC PLC is an award-winning provider of fund, corporate and private client services to institutional and private clients. Founded in 1987, JTC PLC has more than 900 people working across its global office network and is trusted to administer more than $130 billion of client assets. The principle of true shared ownership for all employees is fundamental to their culture and aligns them completely with the best interests of their clients and other stakeholders.

JTC PLC fund services administer a wide variety of listed and unlisted funds across a diverse range of asset classes, including real estate, private equity, renewables, hedge, debt and other alternatives. The firm’s corporate services provide company secretarial and administration services to a broad range of clients, including SMEs, public companies, multinationals and sovereign wealth funds. JTC PLC’s private wealth services include the formation and administration of vehicles such as trusts, companies and partnerships on behalf of predominantly HNWIs and UHNWIs and their families and dedicated private and family offices.

About NES Financial | JTC
NES Financial | JTC is the US division of JTC Group, a multi-jurisdictional provider of fund, corporate and private client services. Listed on the London Stock Exchange and included in the FTSE 250 Index, the JTC Group administers more than $130 billion in assets and employs more than 900 people in 23 offices worldwide. NES Financial | JTC is a leader in specialty financial administration, serving markets characterized by high administrative complexity, elevated transaction security needs and challenging compliance requirements. The company’s technology-driven solutions streamline best practices in these markets by simplifying specialized financial transactions, reducing back-office overhead, curtailing fraud and abuse, and offering security, transparency and regulatory compliance during each step of an investment’s life cycle.

For more information, visit nesfinancial.com.

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