Independent fund and corporate service provider JTC has been granted a trust licence by the Cayman Islands Monetary Authority.
JTC’s new trust offering will have an international focus and form part of the company’s global Private Client Services Division.
The firm said the new service will complement JTC’s existing business development offices in Miami and New York and its regulated office in South Dakota, which provides onshore US trust solutions.
JTC has had a presence in the Cayman Islands since 2013, offering global fund administration services. In 2015, it acquired GAM’s Cayman Islands fund administration business in a move to grow its footprint in the jurisdiction. In 2017, the group acquired Merrill Lynch Wealth Management’s International Trust and Wealth Structuring business.
In addition, JTC has appointed Michael Halsey as managing director in the Cayman Islands.
“This new trust licence increases our private client capabilities in Cayman and is part of our strategy to deliver a truly global and holistic service to clients,” said JTC chief executive officer Nigel Le Quesne. “I am also delighted that Michael, who has impressive international experience and an in-depth understanding of the local market, has joined us to drive our growth ambitions in Cayman, a jurisdiction that continues to play an important role in our global network.”
Halsey joins JTC with more than two decades of experience in the international financial services industry from Sackville Bank & Trust in Cayman, where he was managing director.
Before that, he was director of Trust and Investment Services at CIBC Wealth Management.
“Over the past six years, JTC has earned a solid reputation in the Cayman Islands as a top tier fund service provider,” Halsey said. “It’s hugely exciting for me to come in to build on that and help lead the firm through the next stage of its journey, in particular as we look to extend our support to private clients who are demanding increasingly sophisticated cross-border wealth management solutions.”