JTC said on 18 June it is to acquire FFP, a provider of specialist fiduciary services to fund, trust and corporate clients with headquarters in the Cayman Islands and further offices in the BVI and Dubai.
Founded in 2012, FFP is a privately owned business with a focus on complex engagements "providing innovative and tailored solutions, drawing on the unique multi-disciplinary skill set of its experienced and highly regarded team"
Jersey-headquartered global group JTC said its commercial office had been actively working on the establishment of a Governance Service practice, with the acquisition of FFP forming part of this strategic initiative focused on the provision of a suite of specialist services designed to ensure effective management, oversight and decision-making within the Group’s client base.
The acquisition would enhance the range of services JTC can offer to existing and new clients, serving to expand the group’s overall addressable market.
FFP has particular expertise in resolving situations that require practitioners with specific restructuring or insolvency experience.
These mandates often require longer term provision of complementary corporate or fund services for the associated vehicles, JTC said.
The Cayman Islands is one of the leading global financial jurisdictions for the funds and trust markets. JTC said, adding that it first established a presence in the Cayman Islands in 2013 and is "already one of the leading professional services firms in the jurisdiction".
Post acquisition, the group will be represented by an enlarged team of over 80 professionals and will be differentiated in the market through its unique range of services, delivered to a diverse and growing book of institutional and private clients.
The combination will allow FFP to leverage JTC’s well-invested infrastructure and global network, which includes the largest and most sophisticated jurisdictions for the funds and trust markets. This will accelerate geographic expansion beyond FFP’s current footprint to capture demand for its specialist services.
The entire FFP team, including the founders and senior management, will remain with JTC post acquisition. The senior leaders of FFP all have 15+ years of experience in handling complex fund and trust situations and are supported by a highly qualified team of practitioners with a complementary range of skill sets across the funds, trust and corporate services space. All employees will become owners of JTC through its unique ‘ownership for all’ programme.
Nigel Le Quesne (pictured), CEO of JTC, said: "We are excited to welcome the whole FFP team to the JTC family. FFP has an excellent reputation and significant subject matter expertise with strength in depth across the team. We believe that access to JTC’s global platform will accelerate FFP’s growth prospects with substantial opportunities across the Group as we develop our Governance Services business line.
"The combination of our businesses will cement our leading position in the Cayman Islands, which is one of the pre-eminent financial jurisdictions globally. As always, cultural alignment is key and, like JTC, FFP consistently invests in its people and capabilities.”
Michael Pearson, Co-Founder and Partner of FFP, said: "We are really grateful for the support of our team, clients and legal contacts who have championed us over the last decade. With their backing, FFP has been able to help lead and change the way stakeholders approach complex and demanding situations in our markets.
"The speed of change and increasing globalisation of financial services means that well-invested infrastructure and a broad network are increasingly important. Joining the JTC Group provides us with access to a global platform that encompasses all key financial centres and we are relishing the prospects and opportunities this creates. That Nigel and team have astutely developed and led JTC for over 30 years was a very important factor for us in coming onboard.”
Completion is subject to regulatory approvals.
