Specialist fund administrator JTC has completed its acquisition of depositary bank Indos Financial.
Jersey-based JTC paid £11 million (€12.8 million) in a deal that was announced back in February.
More than 50 Indos employees, including founder and chief executive Bill Prew, will become part of JTC’s Institutional Client Services division but the Indos brand will be retained “to demonstrate the integrity and independence of its depositary services under the Alternative Investment Fund Managers Directive (AIFMD)” according to a statement from JTC.
The specialist fund administration market has been the subject of a number of acquisitions in recent months, partly in response to growing investor demand for private assets.
At the same time, asset managers are looking to reduce the number of service providers they use, fuelling consolidation in the market.
Two of the most acquisitive players in the market, Apex Fund Services and SS&C Technologies, are currently locked in a battle to acquire specialist fund administrator Mainstream Group. The latest development saw SS&C increase its bid on June 1 to $314 million.
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