JTC has acquired London-based funds management specialist Indos Financial.
According to press reports, the deal is for a maximum consideration of £12.5m, with an initial consideration of £10m in cash and £1m in JTC equity. A further £1.5m is said to be available to Indos' management on the achievement of performance targets.
Founded in 2012, Indos specialises in the provision of depositary, ESG (environmental, social and governance) and anti-money laundering oversight services for alternative investment funds.
As of December 2020, the firm's client assets under depositary oversight were around $35bn and AML officer clients represented $11bn.
Indos employs 52 staff across three offices – London, Fareham in Hampshire and Enniscorthy in Ireland. All directors and staff, including Indos Founder and CEO Bill Prew, will join JTC's Institutional Client Services Division.
The transaction is subject to Financial Conduct Authority approval and is expected to complete by the end of Q1 2021.
JTC said the acquisition will add scale for the group in Ireland and the UK, as well as expanding its Cayman offering through the provision of AML oversight services.
JTC CEO Nigel Le Quesne (pictured) commented: “Indos operates in a strategically important part of the fund services market. Having collaborated with Bill and the team several times, it is clear that Indos is a great addition to the JTC platform. The transaction adds scale in Ireland, a priority market for the group, and the UK.”