JTC Group to Acquire Market Leading Employee Benefits Platform RBC cees Ltd.

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Latest acquisition to add scale and quality to JTC’s growing corporate services business line.

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We can see that demand for employee ownership solutions is growing globally and as well as achieving enhanced financial performance over the medium term once integrated onto the JTC platform, we see medium and long-term opportunities for good organic growth.

Global fund administrator JTC Group announced the acquisition of RBC cees Limited ("CEES"), a market leading employee benefits platform with an internationally diverse blue-chip corporate client base.

CEES is being acquired from RBC Holdings (Channel Islands) Limited, part of RBC Wealth Management. Around 180 employees, including the CEES senior management team, will join JTC, which is headquartered in the UK, at completion, becoming part of the Institutional Client Services (ICS) Division. The transaction is subject to relevant regulatory approvals and is expected to complete in early Q2 2021.

With over 430 corporate relationships and more than 890 plans, as well as $14.5 billion in assets under administration, the acquisition of CEES is complementary to JTC’s existing corporate and trustee services. The acquisition also significantly enhances the JTC’s employee benefits offering, expanding a service line that has good organic growth potential due to market trends that support the increasing adoption of employee benefit programs.

"CEES is an established leader in the employee benefits market with a blue-chip client base and excellent people,” said Nigel Le Quesne, CEO of JTC. “The fit with our ICS Division is exceptional and I am delighted that its core service offering is so closely aligned with JTC’s strong shared ownership culture, which has been one of our key differentiators for over 22 years.”

“We are pleased to welcome our new colleagues and clients to the Group and look forward to working with the excellent team at RBC to ensure a smooth transition of the business,” added Le Quesne, who joined JTC as its fifth employee in 1991. “We can see that demand for employee ownership solutions is growing globally and as well as achieving enhanced financial performance over the medium term once integrated onto the JTC platform, we see medium and long-term opportunities for good organic growth.”

"We are extremely proud of the CEES business that RBC Wealth Management has built in the British Isles over the previous 15 years and are therefore pleased to see it transfer to the JTC Group, which has employee shared ownership at the heart of its culture,” said Dave Thomas, CEO, RBC Europe.

“With JTC’s latest acquisition of CEES, our global presence will grow even stronger as we will have more capability and more reach than ever before,” said Michael Halloran, CEO of ICS USA at JTC Group. “Companies should want to make a difference for their employees, and JTC is an innovative leader dedicated to positive social impact, including employee shared ownership.”

The acquisition is the latest in a series of successful bank carve outs for JTC, with similar transactions having been completed in 2015 (Kleinwort Benson’s fund administration business) and 2017 (Merrill Lynch’s International Trust and Wealth Structuring business). JTC also acquired NES Financial earlier this year, a specialty financial administrator which serves sectors characterized by high administrative complexity, increased transaction security needs, and challenging regulatory compliance requirements. NES Financial | JTC is the US division of the Group, a multi-jurisdictional provider of fund, corporate and private client services.

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 company 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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