JTC PLC (LSE:JTC), a global professional services business, has said it will acquire Blackheath Capital Management LLP, a boutique asset management firm based in the UK.
Blackheath provides management and regulatory oversight services to investment funds and offers management company (ManCo) services as an alternative investment fund manager.
It also enables firms to provide advisory and arranging services to professional investors under its supervision.
JTC said the acquisition will enhance its existing global alternative investment fund manager solutions businesses in Ireland, Luxembourg and Guernsey, enabling it to provide ManCo services for UK domiciled funds.
The addition of a ManCo solution alongside JTC’s existing UK fund administration, corporate and depositary services will enable the company to provide a full-service offering to firms looking to launch, market and manage UK alternative investment funds.
The existing partners of Blackheath, Stephane Carty and Simon Monson, will remain with the business and join the JTC Global AIFM Solutions business within the Institutional Client Services division.
The transaction is expected to complete during the first quarter of 2024, subject to various closing conditions and regulatory approvals.
Nigel Le Quesne, chief executive officer of JTC, said: “The business has excellent alignment with our existing fund administration and depositary businesses in the UK and Europe.”