HSBC Channel Islands and Isle of Man has provided a range of banking and lending facilities in support of Jersey-headquartered professional services provider JTC’s recently announced acquisition of US fund administrator SALI Fund Services.
HSBC acted as the sole Mandated Lead Arranger (MLA), Bookrunner and Underwriter on the debt funding for JTC, a FTSE 250 listed company and provider of fund, corporate and private client services.
Headquartered in Austin, Texas, SALI is a provider of fund and structuring administration services to the Insurance Dedicated Fund (IDF) and Separately Managed Account (SMA) market and has over $14bn of Assets under Management (AuM).
The acquisition of SALI advances JTC’s strategic objective to strengthen its presence in the US. Following the acquisition, the US becomes JTC’s second largest jurisdiction, with over $35 million in revenues.
Aline Ayotte (pictured), Head of Commercial Banking, HSBC Channel Islands and Isle of Man, said: “This transaction involved close collaboration across our Commercial and Global Banking teams, bringing together a range of specialist lending and M&A expertise both from our colleagues in Jersey and across our global network. It was a pleasure to be able to support an important locally-headquartered business in JTC in pursuing its exciting international expansion strategy.”
Nigel Le Quesne, CEO of JTC, added: “We were pleased to be able to draw on the expertise of HSBC in completing this acquisition of SALI, whose operations are highly complementary to our existing US footprint and whose deep expertise will be a fantastic addition to our Group capabilities.”