First announced in October 2015, JTC was granted regulatory approval by the Cayman Islands Monetary Authority and is now positioned to provide a full spectrum of fund administration services, adding to the existing private client services it offers from the jurisdiction.
With all 14 of GAM’s local staff integrated into JTC’s institutional client services division, the expanded business caters for a full range of fund vehicles and offers services that are expected to be particularly attractive to asset managers in the US seeking to establish offshore fund vehicles.
The new operation will continue to be led by managing director Christine Godfray, who was previously chief executive of GAM’s fund services business known as Swiss & Global Fund Administration (Cayman) Ltd.
In her role, Godfray will work to attract fund administration and corporate services business to the Group and the Cayman Islands. A Member of the Institute of Chartered Accountants of England and Wales, she qualified as a chartered accountant in Jersey before moving to the Cayman Islands where she has worked in the mutual fund industry for over 20 years.
“JTC’s strategy is very much about enhancing both our institutional and private client services in key financial centres in order to provide clients with a seamless, global and comprehensive service."
Nigel Le Quesne, chief executive and chairman of JTC Group, said: “JTC’s strategy is very much about enhancing both our institutional and private client services in key financial centres in order to provide clients with a seamless, global and comprehensive service.
“Our expansion in the Cayman Islands is a significant part of that, following other recent acquisitions in the same sector including our purchase of Kleinwort Benson’s fund administration business, as we focus on continuing to add real value to our clients now and in the longer term,” he said.
Founded in Jersey over 25 years ago, JTC Group holds more than $70bn (£47.8bn, €65.1bn) in assets under administration.