JTC PLC Acquisition of SANNE Group private client business (6107R)
01 July 2020 - 4:00PM
UK Regulatory
TIDMJTC
RNS Number : 6107R
JTC PLC
01 July 2020
1 July 2020
JTC PLC
(the "Company" and together with its subsidiaries "JTC" or the
"Group")
Acquisition of SANNE Group plc private client business ("SANNE
private client business")
JTC, the award-winning provider of fund, corporate and private
client services announces today, further to its announcement on 16
March 2020, the completion of its acquisition of the assets,
contracts and employees of SANNE Group plc's private client
business based in Jersey.
The acquisition expands JTC's Private Client Services ("PCS")
presence in Jersey, one of its strongest performing PCS
jurisdictions. Clients representing annualised ongoing revenues of
GBP4.1m have transferred to JTC resulting in an initial cash
payment of GBP9m, any subsequent payments will be subject to
additional clients transferring to JTC. The payment has been funded
from the Group's operating cash flows and existing facilities.
The transferring employees will be immediately integrated onto
JTC's global administration platform and move into JTC's office
headquarters in Jersey as COVID-19 distancing restrictions allow.
The Company expects the transaction to be immediately earnings
enhancing and consistent with JTC's strategy to use its existing
scalable platform to enhance operating margins.
The acquisition forms part of JTC's ongoing growth strategy,
with the Company continuing to see opportunities for organic and
inorganic growth across both its Institutional Client Services
("ICS") and Private Client Services ("PCS") Divisions.
Nigel Le Quesne, CEO of JTC, said:
"We are delighted to welcome our new colleagues and clients to
JTC. We have built a strong reputation for client service
excellence, innovation and consistent growth. Our Jersey platform
continues to deliver strong commercial performance, and we look
forward to using our extensive acquisition experience to ensure a
positive and seamless transition.
In these uncertain times we are focused on looking after our
fantastic people and valued clients. We have a great business which
has consistently demonstrated excellent resilience and sustained
growth throughout multiple economic cycles."
-ENDS-
Enquiries:
JTC PLC +44 (0) 1534 700 000
Nigel Le Quesne, Chief Executive Officer
Martin Fotheringham, Chief Financial Officer
David Vieira, Chief Communications Officer
Camarco +44 (0)20 3757 4985
Geoffrey Pelham-Lane
Georgia Edmonds
Monique Perks
About JTC
JTC is an award-winning provider of fund, corporate and private
client services. Founded in 1987, the company employs c.750 people
across its global office network and is trusted to administer
assets of c.US$110 billion.
JTC is committed to its shared ownership culture and philosophy,
with management and staff holding over 20% of the equity in the
firm, clearly aligning the interests of clients, employees and
other stakeholders.
www.jtcgroup.com
Important Notices
The person arranging release of this announcement on behalf of
JTC is David Vieira (Chief Communications Officer).
The release, publication or distribution of this announcement in
jurisdictions other than the United Kingdom may be restricted by
law and therefore any persons who are subject to the laws of any
other jurisdiction should inform themselves about, and observe, any
applicable requirements. This announcement has been prepared for
the purposes of complying with the Listing Rules and MAR and the
information disclosed may not be the same as that which would have
been prepared in accordance with the laws and regulation of any
jurisdiction outside of England.
This announcement contains forward looking statements. No
forward-looking statement is a guarantee of future performance and
actual results or performance or other financial condition could
differ materially from those contained in the forward-looking
statements. These forward-looking statements can be identified by
the fact they do not relate only to historical or current facts.
They may contain words such as " may " , " will " , " seek " , "
continue " , " aim " , " anticipate " , " target " , " projected "
, " expect " , " estimate " , " intend " , " plan " , " goal " , "
believe " , " achieve " or other words with similar meaning. By
their nature forward looking statements involve risk and
uncertainty because they relate to future events and circumstances.
A number of these influences and factors are outside of the Company
' s control. As a result, actual results may differ materially from
the plans, goals and expectations contained in this announcement.
Any forward-looking statements made in this announcement speak only
as of the date they are made. Except as required by the FCA or any
applicable law or regulation, the Company expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained in this
announcement.
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END
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