JTC Group, a provider of private wealth, corporate, employee benefit and fund administration services, has acquired Ardel Fund Services Limited (AFSL), a Guernsey-based third party fund administration provider.
The move significantly boosts JTC’s numbers in this jurisdiction adding specialist fund expertise both locally and for the group.
AFSL, formerly Bachmann Fund Administration, was established in Guernsey in 1993. The team administers investment funds across a variety of asset classes, using a wide range of fund structures: both open and closed-ended companies, unit trusts and limited partnerships, including entities listed on the London Stock Exchange’s Main Market and Alternative Investment Market and also the Channel Islands Stock Exchange.
With established fund services businesses in Jersey and Luxembourg, the move forms part of JTC’s broader international expansion plans.
“The AFSL team has an excellent reputation in the industry and a high calibre of existing clients,” says group chief executive and chairman Nigel Le Quesne (pictured). “This is an important strategic acquisition for JTC Group, giving us a much bigger presence in Guernsey and is another step towards strengthening a more global offering for our clients.”
Rick Brooks, chief executive officer, Ardel Holdings, says: “Ardel has been looking for some time at opportunities that exist to focus exclusively on investment in the development and growth of our core fiduciary business. We are delighted that, in doing so, we have been able to protect and enhance the opportunities that will be available to the AFSL team through their transfer to JTC.”
A total of 13 AFSL staff will join JTC Group, with the combined team operating from AFSL’s premises in Frances House in St Peter Port.
