07:00 Mon 16 Mar 2020
Sanne Group PLC - Disposal of SANNE’s Jersey private client business
(SANNE or the Group)
Disposal of SANNE's Jersey private client business
SANNE, a leading global provider of alternative asset and corporate business services, has reached agreement to sell its Jersey based private client business (the Business) to JTC plc (JTC).
As part of the transaction, it is intended for all clients and staff of the Business to transfer to JTC. Completion of the transaction is subject to the receipt of regulatory approvals and is anticipated that the transaction will complete during 2020.
This transaction represents an important strategic move in focusing SANNE on its core, high growth global alternatives markets. Following the transaction, SANNE's alternatives business will represent over 90% of the Group's activities.
Given the size of the Business and JTC's experience and platform in the market, transfer of the clients and employees is expected to occur swiftly following receipt of all necessary approvals. The consideration to be paid for the Business is capped at a maximum of
In its full year results for the year ending
"As SANNE continues to focus its global operations on the growing alternatives and corporate sector, we were keen to ensure we found a leading player in the market that shares the same passion for high quality client service as we do. We believe our people and our clients will benefit from JTC's experience and expertise in this sector. I wish all of our people every success as they enter a new chapter with JTC."
"We are delighted to welcome SANNE's private client team and clients to JTC. We have built a strong reputation for client service excellence, innovation and consistent growth. Our Jersey platform continues to deliver strong commercial performance, and we look forward to using our extensive acquisition experience to ensure a positive and seamless transition for both clients and new colleagues.
In these uncertain times we are focused on looking after our fantastic people. We have a great business which has consistently demonstrated excellent resilience and sustained growth throughout multiple economic cycles."
Enquiries:
Martin Schnaier, Chief Executive Officer
James Ireland, Chief Financial Officer
Tulchan Communications +44 (0) 20 7353 4200
Tom Murray
Notes to editors:
THE ANNOUNCEMENT MAY CONTAIN "FORWARD-LOOKING STATEMENTS". FORWARD-LOOKING STATEMENTS SOMETIMES USE WORDS SUCH AS "AIM", "ANTICIPATE", "TARGET", "EXPECT", "ESTIMATE", "INTEND", "PLAN", "GOAL", "BELIEVE", "SEEK", "MAY", "COULD", "OUTLOOK" OR OTHER WORDS OF SIMILAR MEANING. BY THEIR NATURE, ALL FORWARD-LOOKING STATEMENTS INVOLVE RISK AND UNCERTAINTY BECAUSE THEY RELATE TO FUTURE EVENTS AND CIRCUMSTANCES WHICH ARE BEYOND THE CONTROL OF THE COMPANY. AS A RESULT, THE ACTUAL FUTURE FINANCIAL CONDITION, PERFORMANCE AND RESULTS OF THE COMPANY MAY DIFFER MATERIALLY FROM THE PLANS, GOALS AND EXPECTATIONS SET FORTH IN ANY FORWARD-LOOKING STATEMENTS. ANY FORWARD-LOOKING STATEMENTS MADE HEREIN SPEAK ONLY AS OF THE DATE THEY ARE MADE AND THE COMPANY DOES NOT ASSUME OR UNDERTAKE ANY OBLIGATION OR RESPONSIBILITY TO UPDATE ANY OF THE FORWARD-LOOKING STATEMENTS CONTAINED IN THIS ANNOUNCEMENT, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT TO THE EXTENT LEGALLY REQUIRED.
About SANNE
SANNE is a leading global provider of outsourced alternative asset and corporate business services. Established for over 32 years and listed as a FTSE 250 company on the Main Market of the
Key clients include leading alternative asset managers, global financial institutions, family offices and international corporates. SANNE operates from a global network of offices located in leading financial jurisdictions, which are spread across the Americas, Europe, Africa and Asia-Pacific.
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