The latest merger and acquisition transactions in the North America wealth management industry.

JTC, the Jersey-based professional services business that recently built a war chest to finance expansion, has completed its purchase of SALI Fund Services, a US-based fund services provider to the Insurance Dedicated Fund (IDF) and the separately-managed account market.

SALI was founded in 2002 and provides a turn-key solution for creating and running IDFs. The business is based in Austin and has more than $15.8 billion of assets under management. 

The deal “advances JTC’s strategic objective to strengthen its presence in the US and make the country JTC’s second largest jurisdiction by revenue,” JTC said in a statement today.

“This acquisition is particularly notable as not only does it bolster our US capabilities, it also opens up new complementary business lines and opportunities for our ICS and PCS divisions. It’s an acquisition of real quality with strong cultural alignment and signals our intent to continue expanding our US footprint and enhancing our global proposition for clients. We are delighted to formally welcome the SALI team, their clients and partners to the JTC family,” Nigel Le Quesne, CEO of JTC, said (pictured).