Completion of RBC cees Limited Acquisition
6 April 2021
JTC PLC
(the "Company" and together with its subsidiaries " JTC " or the " Group " )
Completion of RBC cees Limited ("CEES") Acquisition
A highly complementary acquisition adding scale and quality in the corporate services business line
JTC, the global provider of fund, corporate and private client services, is pleased to confirm today the completion of its acquisition of RBC cees Limited ("CEES") from RBC Holdings (Channel Islands) Limited, part of RBC Wealth Management. The acquisition was announced on 10th December 2020 and has now received the necessary regulatory approvals.
CEES is a market leading employee benefits platform with an internationally diverse blue-chip corporate client base. It offers a broad range of employee benefit plans and product structures, is expert in the administration of a number of asset classes and provides client support services as well as administration.
The acquisition expands JTC's Institutional Client Services ("ICS") footprint in the Channel Islands and the UK, adding approximately 180 employees and a book of over 430 corporate relationships and more than 890 plans.
The acquisition is complementary to JTC's existing corporate and trustee services and significantly enhances the Group's employee benefits offering, expanding a service line that has good organic growth potential due to market trends that support the increasing adoption of employee share ownership programmes.
Nigel Le Quesne, CEO of JTC, said:
"We are delighted to welcome our new colleagues and clients to the Group. The CEES business is a leader in the employee benefits market with a blue-chip client base and excellent people. The fit with our ICS Division is exceptional and I am delighted that its core service offering is so closely aligned with JTC's strong shared ownership culture, which has been one of our key differentiators for over 22 years.
We believe that there is increasing demand for these solutions globally. We expect enhanced financial performance over the medium-term once fully integrated onto the JTC platform, as well as good organic growth opportunities over the medium and long-term, and cross-sell opportunities with our Private Client Services (PCS) Division."
Ends.
Enquiries:
JTC PLC +44 (0) 1534 700 000
Nigel Le Quesne, Chief Executive Officer
Martin Fotheringham, Chief Financial Officer
David Vieira, Chief Communications Officer
Camarco +44 (0)20 3757 4985
Geoffrey Pelham-Lane
Monique Perks
Emily Shea-Simonds
About JTC
JTC is a global provider of fund, corporate and private client services. Founded in 1987, the company employs c. 1,100 people across its global office network and is trusted to administer assets of c.US$180 billion.
JTC is committed to its shared ownership culture and philosophy, with management and staff holding over 20% of the equity in the firm, clearly aligning the interests of clients, employees and other stakeholders.
Important Notices
The person arranging release of this announcement on behalf of JTC is David Vieira (Chief Communications Officer).
The release, publication or distribution of this announcement in jurisdictions other than the United Kingdom may be restricted by law and therefore any persons who are subject to the laws of any other jurisdiction should inform themselves about, and observe, any applicable requirements. This announcement has been prepared for the purposes of complying with the Listing Rules and MAR and the information disclosed may not be the same as that which would have been prepared in accordance with the laws and regulation of any jurisdiction outside of England.
This announcement contains forward looking statements. No forward-looking statement is a guarantee of future performance and actual results or performance or other financial condition could differ materially from those contained in the forward-looking statements. These forward-looking statements can be identified by the fact they do not relate only to historical or current facts. They may contain words such as "may", "will", "seek", "continue", "aim", "anticipate", "target", "projected", "expect", "estimate", "intend", "plan", "goal", "believe", "achieve" or other words with similar meaning. By their nature forward looking statements involve risk and uncertainty because they relate to future events and circumstances. A number of these influences and factors are outside of the Company's control. As a result, actual results may differ materially from the plans, goals and expectations contained in this announcement. Any forward-looking statements made in this announcement speak only as of the date they are made. Except as required by the FCA or any applicable law or regulation, the Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this announcement.
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