The Zurich-headquartered firm is spinning off its fund administration arm in the Cayman Islands.

GAM, the Zurich-listed investment firm, has sold its fund administration business in the Cayman Islands to JTC Group, a Jersey-headquartered provider of institutional and private client services that has recently expanded operations in different countries.

The sold business is GAM's private labelling business. It has been offering fund and outsourcing solutions to third parties since 1992, mainly out of Switzerland. 

“The disposal of the Cayman fund administration business reflects the company's intention to focus on its role as general contractor for private label solutions and the provision of management company services for funds domiciled in Europe,” GAM said in a statement today.

The team in the Cayman Islands, which consists of 14 staff in total, will transfer and continue to be employed with JTC Group. Once approved by the local regulator, all business activities will transfer to JTC. 

The transaction is expected to close in late 2015. The impact on the group's assets under management and the 2015 financial results is immaterial, GAM said. GAM has assets under management of $132.8 billion, according to latest published figures.

JTC has been expanding. For example, late in September it increased its presence and offering in Luxembourg by acquiring Signes, a business that provides accounting, administration and tax compliance services to institutional investors. Financial terms of that acquisition were not disclosed. 

JTC serves clients from its network of offices in Argentina, Brazil, British Virgin Islands, Cayman Islands, Guernsey, Jersey, Luxembourg, Malta, Mauritius, New Zealand, Switzerland and the UK, as well as US representative offices in Miami and New York, and alliance offices in Hong Kong, Labuan, Malaysia and Singapore.