JTC has completed the acquisition of Minerva, the Jersey-headquartered global provider of private client, corporate, fund and treasury services.
Having initially announced a conditional agreement to acquire Minerva on 6 September 2018, regulatory approvals have now been granted to conclude the deal.
As well as bringing JTC’s total headcount to more than 650 across 18 locations and growing the firm’s total value of assets under administration to US$100bn, the acquisition will specifically 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 grow and enhance JTC’s treasury services offering.
Over the coming months, the Minerva business will fully rebrand to JTC and Minerva and JTC staff will be brought together in a number of key locations.
Nigel Le Quesne, CEO of JTC PLC, said:
“The completion of this important acquisition represents another milestone for JTC and forms part of our well-established growth strategy. With a track-record built up over four decades, a tradition of family ownership, and a clear commitment to client service values, Minerva is a great fit for JTC and adds strength and depth across our business lines.
“In particular, this acquisition bolsters our global platform and capabilities in the key markets of Africa, Asia and the Middle East, including adding a new presence in Dubai, giving us a strong and scalable platform for future growth. 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.”
JTC listed on the main market of the London Stock Exchange in March 2018.