Nigel Le Quesne
Global professional services business JTC is acquiring FFP, a leading provider of specialist fiduciary services to fund, trust and corporate clients. Completion is subject to regulatory approvals.
Founded in 2012, FFP is privately owned and headquartered in the Cayman Islands, with additional offices in the BVI and Dubai. The business provides a range of specialist fiduciary, restructuring, trustee, fund administration and corporate services to clients across the globe, with a focus on complex engagements.
JTC said in a press release its commercial office has been actively working on the establishment of a governance service practice. The acquisition of FFP forms part of this strategic initiative focused on the provision of a suite of specialist services designed to ensure effective management, oversight and decision-making within the group’s client base.
JTC said the acquisition enhances the range of services it can offer to existing and new clients, serving to expand the group’s overall addressable market. FFP has expertise in resolving situations that require practitioners with specific restructuring or insolvency experience. These mandates often require longer term provision of complementary corporate or fund services for the associated vehicles.
JTC first established a presence in the Cayman Islands in 2013. Post acquisition, the group will be represented by an enlarged team of more than 80 professionals.
The combination will allow FFP to leverage JTC’s well-invested infrastructure and global network, which includes the largest and most sophisticated jurisdictions for the funds and trust markets. This will accelerate geographic expansion beyond FFP’s current footprint to capture demand for its specialist services.
The entire FFP team, including the founders and senior management, will remain with JTC post acquisition. The senior leaders of FFP all have more than 15 years of experience in handling complex fund and trust situations and are supported by a highly qualified team of practitioners with a complementary range of skill sets across the funds, trust and corporate services space. All employees will become owners of JTC through its ‘ownership for all’ programme.
Nigel Le Quesne, CEO of JTC, said: “We are excited to welcome the whole FFP team to the JTC family. FFP has an excellent reputation and significant subject matter expertise with strength in depth across the team. We believe that access to JTC’s global platform will accelerate FFP’s growth prospects with substantial opportunities across the Group as we develop our Governance Services business line.
He said, “The combination of our businesses will cement our leading position in the Cayman Islands, which is one of the pre-eminent financial jurisdictions globally. As always, cultural alignment is key and, like JTC, FFP consistently invests in its people and capabilities.”
Michael Pearson, co-founder and partner of FFP, said the speed of change and increasing globalisation of financial services means that well-invested infrastructure and a broad network are increasingly important. “Joining the JTC Group provides us with access to a global platform that encompasses all key financial centres and we are relishing the prospects and opportunities this creates. That Nigel and team have astutely developed and led JTC for over 30 years was a very important factor for us in coming onboard.”
