Corporate services provider JTC has acquired INDOS, a specialist in depositary; environmental, social and governance; and anti-money laundering oversight services for alternative investment funds.
JTC said in a press release the strategic acquisition brings complementary capabilities and technical expertise, adds scale in Ireland and the UK, and expands the group’s Cayman offering through the provision of AML oversight services.
As of December 2020, INDOS, which was founded in 2012, had assets under depositary oversight of about US$35 billion and AML officer clients represented approximately $11 billion.
INDOS employs more than 50 staff across three office locations in Ireland and the UK.
All employees, including INDOS founder and CEO Bill Prew and his senior management team, will join JTC, becoming part of the institutional client services division. The transaction is subject to Financial Conduct Authority approval and is expected to be completed by the end of the first quarter of 2021.
“INDOS is a business of real quality which operates in a strategically important part of the fund services market,” Nigel Le Quesne, CEO of JTC, said. “The transaction also adds further scale in Ireland, a priority market for the Group, and the UK, where our London team has more than doubled in size over the last 18 months due to client demand.”