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JTC PLC on Friday announced the proposed acquisition of boutique asset management business Blackheath Capital Management LLP for an undisclosed fee. The Jersey-based institutional and private client service provider said the proposed acquisition would complement and enhance its existing JTC Global Alternative Investment Fund Manager Solutions businesses in Ireland, Luxembourg and Guernsey. This enables JTC to provide management company services for UK-domiciled funds. JTC said the initial fee will be settled at completion in cash and equity, with a further deferred consideration available on achievement of performance targets. The transaction remains subject to various closing conditions and regulatory approvals, JTC said, and is expected to complete during the first quarter of 2024. ‘We are delighted to announce the proposed acquisition of Blackheath, adding strength to 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,’ said JTC Chief Executive Officer Nigel Le Quesne. Blackheath Founder & Partner Stephane Carty commented: ‘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.’ Shares in JTC were up 0.1% to 751.50 pence each in London on Friday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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