Jersey-based fund administrator JTC reports that it has agreed to acquire NES Financial (NESF), a US-based, technology-enabled, market leading provider of specialist fund administration services.

It says the acquisition, which is subject to relevant regulatory approvals, represents a key part of its ongoing growth strategy and, in particular, its focus on developing its Institutional Client Services (ICS) business in the United States and a commitment to acquire and develop technology capabilities that drive future growth and operating efficiency.

Founded in 2005, NESF has 58 employees, all of whom will join JTC, delivering services from Boston, Massachusetts, where its fund administration operation is based and San Jose, California, which is the company's corporate headquarters and technology development centre of excellence, says JTC.

NESF provides fund administration, treasury and related services to a broad client base including private equity, real estate and debt funds.

As well as becoming the platform for JTC's presence in the fast-growing US fund administration market, the acquisition brings important technology capabilities to the Group. JTC says these will be leveraged to drive service innovation, organic growth and operating efficiencies, initially within the ICS Division and over time, across the Group.

Evercore acted as exclusive financial advisor to NESF in connection with the acquisition.

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Jersey-based fund administrator JTC reports that it has agreed to acquire NES Financial (NESF), a US-based, technology-enabled, market leading provider of specialist fund administration services.

It says the acquisition, which is subject to relevant regulatory approvals, represents a key part of its ongoing growth strategy and, in particular, its focus on developing its Institutional Client Services (ICS) business in the United States and a commitment to acquire and develop technology capabilities that drive future growth and operating efficiency.

Founded in 2005, NESF has 58 employees, all of whom will join JTC, delivering services from Boston, Massachusetts, where its fund administration operation is based and San Jose, California, which is the company's corporate headquarters and technology development centre of excellence, says JTC.

NESF provides fund administration, treasury and related services to a broad client base including private equity, real estate and debt funds.

As well as becoming the platform for JTC's presence in the fast-growing US fund administration market, the acquisition brings important technology capabilities to the Group. JTC says these will be leveraged to drive service innovation, organic growth and operating efficiencies, initially within the ICS Division and over time, across the Group.

Evercore acted as exclusive financial advisor to NESF in connection with the acquisition.