
Sanne sells private client business to JTC for up to £12m
Fund administration services firm Sanne Group has sold its Jersey-based private client business to JTC.
Sanne will receive up to £12m in cash upon completion of the transaction. Proceeds from the sale will be used to reduce the firm's debt and will have a small dilutive impact on Sanne's earnings, according to the firm.
Sanne's private client business generated revenues of £5.7m and gross profit of £3.7m in 2019.
Following the deal, Sanne's alternatives business will represent more than 90% of the group's activities.
Sanne provides administration, reporting and financial services to alternative asset managers, financial institutions, family offices and corporates. It serves 1,750 clients and administers 7,800 structures and funds with £250bn in assets. Sanne is listed on the FTSE 250 index of the London Stock Exchange.
The sale of Sanne's private client business to JTC will include the transfer of its clients as well as its Jersey-based staff.
JTC is a global provider of fund, corporate and private client services, with 800 staff serving clients from a global network of 21 offices.
The transaction is subject to regulatory approval and is expected to complete in Q2 2020.
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