Nigel Le Quesne, CEO of JTC Group, stated that his firm’s acquisition of Exequtive Partners “is reflective of our focus on high quality growth and on strengthening our proposition for institutional clients” JTC

Nigel Le Quesne, CEO of JTC Group, stated that his firm’s acquisition of Exequtive Partners “is reflective of our focus on high quality growth and on strengthening our proposition for institutional clients” JTC

“Exequtive Partners’ 28 employees, including the five principals, will all join the existing Institutional Client Services team at JTC, which this year marks its tenth anniversary of being in Luxembourg, with immediate effect,” JTC stated in a press release issued on 26 March.

Exequtive Partners is a “fast-growing, specialist provider of corporate and related fiduciary services”, according to the announcement.

“In the year ended 31 December 2018, EP made a profit of €61,000, an adjusted EBITDA of €2.5m and had gross assets of €1.9m,” JTC said in a regulatory filing.

JTC, which is listed on the London Stock Exchange, is paying €18.3m in cash and 1.9m new shares, according to its regulatory statement. The five sellers “primarily represent the principals of EP”.

Worldwide JTC employs 700 staff in 18 jurisdictions with $100bn of assets under administration, the company stated.

According to the firm:

“As well as expanding JTC’s market presence in Luxembourg, the acquisition builds on its corporate services capabilities, complements its funds offering and creates greater opportunities for future growth in the jurisdiction.”

Earlier this month, the firm was granted a Luxembourg depositary license. JTC said in a 5 March press release:

“With JTC having operated an Alternative Investment Fund Manager entity (AIFM) in Luxembourg since 2016, the new licence significantly strengthens its capabilities within the EU, enabling it to offer a holistic and comprehensive Alternative Investment Fund Managers Directive (AIFMD) compliant solution to private equity, real estate and other alternative managers.”