Specialist fund administrator JTC Group plans to expand its Irish funds business, particularly to North American asset managers, by acquiring a boutique Irish management company provider called Ballybunion Capital.
Ballybunion provides regulatory oversight and other services to investment funds through is management company – or ‘ManCo’ – business, and to alternative investment funds through outsourced alternative investment fund manager services.
JTC said the acquisition will allow JTC Ireland to provide ManCo, fund administration and depositary services to Irish funds, as well as funds globally.
Earlier this year, JTC bought depositary firm Indos, which specialises in alternative investment firms.
Ballybunion’s founder, Patrick O’Sullivan, will remain with JTC in a leadership role focused on the development of its Irish funds business internationally, “especially in North America”, said the firm. Other executive managers and all other employees will join JTC, which has over 1,200 employees and US$180 billion of assets under administration.
Nigel Le Quesne, CEO of JTC, said Ballybunion had “excellent alignment with our existing fund services business in Europe, as well as our expanding US practice”.
The FTSE 250 company also released interim results showing revenue growth of 24.8% in the first half of the year compared to the same period last year. Revenue was £67 million (€78 million).
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