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

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

Founded in 2002, SALI, which provides a turn-key solution for the creation and administration of IDFs, has over $15.8 billion of assets under management. The firm is based in Austin, Texas.

IDFs are investment vehicles that enable a broad range of alternative investment managers to provide institutions, family offices and high net worth individuals with a tax-efficient vehicle to invest the long-term capital allocated through life insurance policies into alternative assets.

JTC's acquisition of SALI advances its strategic objective to strengthen its presence in the US. The firm has already acquired NES Financial in 2020 and Segue Partners earlier this year. After the SALI deal, the US will become JTC’s second largest jurisdiction, with more than $35 million in revenues.

In May, JTC raised £65.9 million ($91.6 million) from its first capital markets placing since the group listed on the London Stock Exchange in 2018. 

The acquisition is expected to close before the end of 2021, subject to the satisfaction of customary closing conditions. The financial terms were not disclosed.

"SALI is a business of exceptional quality and a clear leader in the growing IDF market. Their operations are highly complementary to our existing US footprint and their deep expertise will be a fantastic addition to our group capabilities set," Nigel Le Quesne, CEO of JTC, said (pictured).