The deal gives JTC its first permanent presence in South Africa and adds to its alternative investment fund exposure in such asset classes as private equity, debt and real estate.
On completion of the deal, the new business will form part of JTC’s Institutional Services division globally.
Staff in South Africa will remain in their offices in Cape Town, while in Guernsey the combined business will operate from Dorey Court in St Peter Port, and the Jersey team will move to JTC’s offices in St Helier.
Nigel Le Quesne, JTC group chief executive and chairman, said: “Whilst enhancing JTC’s existing presence in the Channel Islands, the deal also provides an exciting opportunity to offer a broader range of services from more jurisdictions, whilst maintaining our focus on client service delivery.”
"The deal also provides an exciting opportunity to offer a broader range of services from more jurisdictions"
He added that Kleinwort Benson’s fund administration business is a good fit for JTC.
Martha Boeckenfeld, chief executive, Kleinwort Benson, said: “Moving our fund administration business to JTC, which is a global provider of fund and corporate administration services, leaves us free to focus on our core activities for the benefit of clients and the business going forward.”
The deal is subject to regulatory approval and is expected to complete by the end of the third quarter of 2015.