JTC, the provider of fund, corporate and private wealth services to institutional and private clients, has entered into a conditional agreement to acquire established firm Minerva.
Minerva, which, like JTC, is headquartered in Jersey and has a strong tradition of family ownership, is a provider of global private client, corporate, fund and treasury services with a track record spanning more than 40 years.
The acquisition will add a new Dubai office to JTC’s global network and increase the company’s scale of services in five of its existing locations: Jersey, London, Geneva, Singapore and Mauritius. In addition, it will extend JTC’s reach in the markets of sub-Saharan Africa, India and Asia and will grow and enhance JTC’s treasury services offering.
JTC expects the transaction to complete later this year, subject to regulatory approvals. It represents another significant development for JTC and forms part of an ongoing growth strategy, as outlined at its successful listing on the main market of the London Stock Exchange (LSE) in March 2018.
Nigel Le Quesne, CEO of JTC PLC, said:
“We are delighted to announce this important acquisition. Minerva has a long track record with particular strength in the private client sector and the markets of Africa, Asia and the Middle East. There is a clear fit with our existing operational footprint and client base and this will allow us to leverage our scalable global platform to enhance operating margins as well as to drive future growth.
“There is also strong cultural alignment, with a focus on client service excellence, and I am pleased that the founders and leaders of the business will continue to be directly involved post completion. We extend a warm welcome to our new colleagues, clients and partners and look forward to working with them as part of an enhanced JTC.”
Vipin Shah, Chairman and Founder of Minerva, said:
“I am delighted with this deal, which is an important step in the development of Minerva, and we look forward to working closely with the highly experienced teams at JTC to further enhance our offering. The founders and the senior management team remain shareholders, having taken much of our consideration in shares, and are committed to continuing the work we have been doing for the last 40 years.
“We have recognised the increasing importance of scale in our industry and, being part of a larger and more global business, will enable us to access an extensive range of additional services from across the JTC Group. Going forward, this will add value to our clients and will help us to continue to meet the ever-increasing global service requirements from them.”