JTC Group, a provider of institutional and private client services, has expanded its operations in the Cayman Islands through the acquisition of GAM's fund administration business.
The deal will see all 14 GAM staff in Cayman transfer to JTC. Completion of the transaction is expected in late 2015.
"Following other recent acquisitions in the fund administration space, including our purchase of Kleinwort Benson's fund administration business, this latest deal further strengthens and deepens our offering to institutional clients,” said Nigel Le Quesne, chairman and chief executive officer, JTC Group.
“We are delighted to welcome a high quality book of clients and an excellent team in Cayman to the JTC Group."
Martin Jufer, regional head continental Europe at GAM, added: "This disposal reflects the company's intention to focus on its role as general contractor for private label solutions and the provision of management company services for funds domiciled in Europe.
“In conducting the sale process, we wanted to ensure the highest possible continuity for clients and after carefully evaluating a range of potential buyers, we are delighted to have completed the sale process with JTC, a company that we believe will provide an excellent home for this successful business."
JTC Group, GAM, Cayman