11/12/2021 | Press release | Distributed by Public on 11/12/2021 09:10
With customary closing conditions having now been met, global professional services business JTC has today (12 November 2021) completed the acquisition of SALI Fund Services (SALI), in line with the initial announcement made last month.
A US-based and market leading provider of fund services to the Insurance Dedicated Fund ("IDF") and Separately Managed Account ("SMA") market, SALI was founded in 2002 and provides a sophisticated turn-key solution for the creation and administration of IDFs. Headquartered in Austin, Texas, SALI has over $15.8bn of Assets under Management (AuM).
This latest acquisition advances JTC's strategic objective to strengthen its presence in the US and makes the country JTC's second largest jurisdiction by revenue. In addition, SALI provides JTC's Institutional Client Services (ICS) division with access to a large new market, insurance, whilst also providing the Group's Private Client Services (PCS) division with additional service lines and expertise to support clients.
Nigel Le Quesne, CEO of JTC, said:
"This acquisition is particularly notable as not only does it bolster our US capabilities, it also opens up new complementary business lines and opportunities for our ICS and PCS divisions. It's an acquisition of real quality with strong cultural alignment and signals our intent to continue expanding our US footprint and enhancing our global proposition for clients. We are delighted to formally welcome the SALI team, their clients and partners to the JTC family."