JTC Group, a Jersey-based provider of fund services, has moved into the Netherlands with the acquisition of the trust company New Amsterdam Cititrust (NACT).
The deal for an undisclosed amount remains subject to regulatory approvals and is expected to complete in mid-2017 when the entire management team and all NACT staff will transfer to JTC.
NACT, founded in 1981, services a client portfolio ranging from entrepreneurs and their families to venture capitalists, private equity firms and publicly listed companies.
The business provides a range of corporate and administration services, including company formation, corporate management, administration, accounting, financial reporting and legal and secretarial services.
JTC chief executive and chairman Nigel Le Quesne said: “The expansion of our global network to include the Netherlands is a natural extension of our presence in the Benelux region and the acquisition of NACT strengthens and deepens our offering to both institutional and private clients.”
JTC has over 500 staff in 18 countries and holds more than $70 billion (€66 billion) of assets under administration.
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