JTC, the global professional services business and Blackheath Capital Management, a boutique asset management business based in the UK, have announced that JTC has agreed to acquire Blackheath.
The transaction is subject to various closing conditions and final regulatory approvals and is expected to complete during Q1 2024.
Formed in 2010, Blackheath has a strong reputation providing bespoke management and regulatory oversight services to investment funds. It also offers ManCo services as an Alternative Investment Fund Manager (AIFM). In addition, Blackheath enables hosted firms to provide advisory and arranging services to professional investors as an appointed representative under Blackheath’s oversight. The company has been regulated by the UK Financial Conduct Authority (FCA) since 2011.
Blackheath is being acquired from its partners, Stephane Carty and Simon Monson. On completion, Blackheath will become part of the JTC Global AIFM Solutions business within the Institutional Client Services (ICS) Division, led by Dean Blackburn.
This acquisition will complement and enhance JTC’s existing JTC Global AIFM Solutions businesses in Ireland, Luxembourg and Guernsey, enabling the provision of ManCo services for UK domiciled funds. The addition of a ManCo solution alongside JTC’s existing UK fund administration, corporate and depositary (INDOS Financial) services will allow JTC to provide a full service offering to firms looking to launch, market, and manage UK alternative investment funds.
Nigel Le Quesne (pictured), CEO of JTC, said: “We are delighted to announce the acquisition of Blackheath, which will strengthen our existing Global AIFM Solutions business in the important UK alternative asset management market. The business has excellent alignment with our existing fund administration and depositary businesses in the UK and Europe. We welcome Stephane, Simon and all of Blackheath’s clients and partners to the JTC Group.”
Stephane Carty, founder and partner of Blackheath, said: “Having formed the business in 2010 and developed a successful UK AIFM business, now is the right time to partner with a firm to support our future growth. We have known the team at JTC for several years and their strong record and expertise in AIFM, corporate governance and fund services will enable us to accelerate our growth, as well as benefit our clients through access to a wider range of expertise and complementary services.”
