JTC, a global provider of fund, corporate and private client services, has acquired INDOS Financial and its subsidiaries (INDOS) for a maximum consideration of GBP12.5 million.
The initial consideration is GBP11 million which will be settled in cash GBP10 million and JTC equity GBP1 million. A further GBP1.5 million deferred consideration is available to management on the achievement of performance targets.
Founded in 2012, INDOS is a specialist in the provision of depositary, ESG and AML oversight services for alternative investment funds. As of December 2020, INDOS’ client assets under depositary oversight were cUSD35 billion and AML officer clients represented cUSD11 billion. INDOS has grown organically since inception and now employs over 50 highly qualified staff across three office locations in Ireland and the UK. It has a high quality, diverse client book of leading UK and international alternative asset fund managers.
INDOS is being acquired from its management team and a group of private shareholders. All employees, including INDOS founder and CEO Bill Prew and his senior management team, will join JTC, becoming part of the Institutional Client Services (ICS) Division. The transaction is subject to FCA regulatory approval and is expected to complete by the end of Q1 2021.
Read more/Source: Hedge Week
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