JTC has been awarded the mandate to provide fund administration and registrar services to Brooks Macdonald International following the latter’s announcement last week that it is to acquire the Channel Islands funds and wealth management business of Lloyds Bank International (subject to regulatory approval).
Reflecting JTC’s multijurisdictional capabilities, it will be providing services to Brooks Macdonald’s newly acquired business through its teams in Jersey, the UK and South Africa.
The acquisition is expected to complete later this year, subject to regulatory approval, and represents a high-quality investment offering for an affluent and high net worth client base, with Funds Under Management of £1bn (May 2020).
Jon Jennings, Group Head of Institutional Client Services, JTC, said: “This is a hugely significant piece of business for us, reflecting our stature in the fund administration arena, our multijurisdictional strength and our specialist expertise in open ended funds and registrar services as well as transfer agency and compliance services. It’s particularly pleasing to have won this business during lockdown circumstances, demonstrating our resilience as a business, whilst we also recognise how important this acquisition is for Brooks Macdonald International in terms of its growth ambitions in the Channel Islands, so it is pleasing for us to support that trajectory”.
Richard Hughes, Deputy CEO, Brooks Macdonald, commented: “JTC impressed us throughout the selection process for a fund administration partner. Despite the COVID-19 lockdown environment JTC was able to mobilise a senior team to analyse the complex mandate and put forward a compelling pitch in a very short timeframe. Ultimately our selection came down to JTC’s track record in fund administration, use of best of breed technology, quality team and depth of resources. We look forward to a developing a strong partnership with them for the long term”.
