LONDON:  JTC Plc has announced the completion of its acquisition of the assets, contracts and employees of SANNE Group plc’s private client business based in Jersey.

The acquisition expands JTC’s Private Client Services (PCS) presence in Jersey, one of its strongest performing PCS jurisdictions. Clients representing annualised ongoing revenues of £4.1m have transferred to JTC resulting in an initial cash payment of £9m, any subsequent payments will be subject to additional clients transferring to JTC. The payment has been funded from the Group’s operating cash flows and existing facilities.

The transferring employees will be immediately integrated onto JTC’s global administration platform and move into JTC’s office headquarters in Jersey as COVID-19 distancing restrictions allow. The Company expects the transaction to be immediately earnings enhancing and consistent with JTC’s strategy to use its existing scalable platform to enhance operating margins.

The acquisition forms part of JTC’s ongoing growth strategy, with the Company continuing to see opportunities for organic and inorganic growth across both its Institutional Client Services (“ICS”) and Private Client Services (“PCS”) Divisions.

Nigel Le Quesne, CEO of JTC, said: “We are delighted to welcome our new colleagues and clients to JTC. We have built a strong reputation for client service excellence, innovation and consistent growth.  Our Jersey platform continues to deliver strong commercial performance, and we look forward to using our extensive acquisition experience to ensure a positive and seamless transition.

In these uncertain times we are focused on looking after our fantastic people and valued clients. We have a great business which has consistently demonstrated excellent resilience and sustained growth throughout multiple economic cycles.”