The purchase allows the global provider of corporate and private client services to set up its first permanent presence in South Africa.

Jersey-headquartered JTC has acquired Kleinwort Benson’s fund administration business in the Channel Islands and South Africa.

The deal, details of which were not disclosed, involves Kleinwort Benson’s fund administration business in Guernsey, Jersey and South Africa. It enables JTC to boost its global headcount by 40 per cent to around 450, while enhancing its alternative investment fund range.

The new business will form part of JTC’s global institutional services arm. Staff in South Africa will stay based in Cape Town, whilst the Guernsey team will operate from St Peter Port, and the Jersey team will move to JTC’s offices in St Helier.

“Whilst enhancing JTC’s existing presence in the Channel Islands, the deal also provides an exciting opportunity to offer a broader range of services from more jurisdictions, whilst maintaining our focus on client service delivery,” said JTC's group chief executive and chairman, Nigel Le Quesne.

Kleinwort Benson's chief executive, Martha Boeckenfeld, added that the sale of the fund administration business enables the private bank to narrow its focus on core activities. London-based Kleinwort Benson provides private banking and wealth management services in the UK and globally.

The deal, subject to regulatory approval, is expected to complete by the end of the third quarter of this year.