Specialist fund administrator JTC has bought depositary bank Indos Financial for £11 million.
Indos Financial’s staff across London and Ireland will join JTC’s institutional services team.
£10 million will be settled in cash and the remainder will be JTC equity. The deal also has a further £1.5 million written into it as a deferred consideration that depends on performance targets being met.
Bill Prew, chief executive of Indos Financial, said the acquisition comes at the “perfect” time for the firm.
“We share much of our cultural DNA with JTC and our common focus on clients, innovation and technology mean that we are excited by our future as part of the group,” he said.
Indos Financial, founded in 2012, has seen its assets under administration grow to over $35 billion.
The firm also specialises in anti-money laundering and has an additional $11 billion of assets in anti-money laundering oversight.
© 2021 funds europe
