JTC acquires Kleinwort Benson’s fund administration business

The acquisition will see JTC's headcount increase by 40% – to 450 people – and gives the firm its first formal offering in South Africa. Following the deal, the new business will form part of JTC's institutional services division.

Kleinwort staff based in South Africa will continue to work from their office in Cape Town, while those in Jersey will move to JTC's office in St Helier.

The sale comes as Kleinwort looks to focus on its core private banking and management services for private clients, families and business owners.

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